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Thursday, July 19, 2018

Some clients want contingency plan: Satyam

Some clients of fraud-hit Satyam have sought a contingency plan if things don't stabilise in the next three months.

Written by Reuters | Bangalore | Published: January 20, 2009 5:06:20 pm

Some clients of fraud-hit Satyam Computer Services have sought a contingency plan if things don’t stabilise at the Indian outsourcer in the next three months,a spokesman said on Tuesday.

“In a few isolated cases,customers have been engaged with us to understand the process of transition,” a spokesman said in an emailed response to questions from Reuters.

“They have said they would like to have a contingency plan,should it be required,if things don’t stabilise within the next 90 days,” he said.

Satyam,India’s No.4 software services exporter,was plunged into crisis after founder Ramalinga Raju resigned as chairman earlier this month,revealing profits had been falsified for years and $1 billion of cash on the books did not exist.

A government-appointed board said on Saturday it was still looking for a new chief executive and chief financial officer for the firm.

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