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Read more with google mobile : India Satyam board names bankers to advise on sale, other options
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India Satyam board names bankers to advise on sale, other options AFP - Wednesday, January 28 NEW DELHI (AFP) - - Fraud-hit Satyam Computer Services said Tuesday it had named investment bankers Goldman Sachs and Avendus Capital to advise the board of the outsourcing giant on a possible sale of the company. The announcement came after B. Ramalinga Raju, founder of Satyam, was arrested earlier this month, days after owning up to a massive balance sheet fraud that has shaken corporate India. The government-named board said in an emailed statement it had appointed Goldman Sachs and Avendus as investment bankers to advise the company "on the way forward and to explore various strategic options." It said options being considered included identifying strategic investors and "obtaining expressions of interest" from investors interested in acquiring the company. "The board has received several proposals from corporate entities as well as from select private equity firms," said board member T. N. Manoharan. "Some have shown interest in evaluating Satyam as an integrated entity while others have expressed interest in portions of Satyam's business," he said. "Sale of parts' of Satyam at this stage would be contrary to the mandate of regulating the affairs of Satyam as a going concern, as stipulated by the government of India," he said. "It is therefore not an option that is being evaluated currently." The statement was issued after a meeting of the board in the southern city of Hyderabad where Satyam is based. The report came amid widespread speculation that Larsen and Toubro Ltd., India's biggest engineering company which last week tripled its holding in Satyam to 12 percent, was eyeing a possible bid for the company. Shares in Satyam on Tuesday gained 21.36 percent or 8.3 rupees to 47.15 but were still down 73 percent over the period since Raju admitted the software services firm had falsified accounts by more than one billion dollars. The acquisition of Satyam could vault Larsen and Toubro, which already runs a fledgling software business through its subsidiary L and T Infotech, into the big leagues of the Indian IT industry. Satyam operates in nearly 70 countries and has a blue-chip client list that includes 185 Fortune 500 companies. Commenting on the moves by Larsen to increase its stake in Satyam, Manoharan said they were not "an indication of support by the government-nominated board, for change of control of Satyam, at this stage." The board also reassured the 53,000 staff the company would be able to pay their salaries on time, despite what another board member, Deepak Parekh, called a "huge liquidity crunch" at India's fourth-largest outsourcer. The company has been in turmoil since Raju admitted on January 7 that he had falsified a bank balance of over one billion dollars. Meanwhile, global accounting firm Pricewaterhouse said it had suspended two of its partners -- S Goplakrishnan and Srinivas Talluri -- who worked on the accounts of Satyam and were arrested last week. "In light of recent allegations," the two "have been suspended from all their duties and functions as partners... pending completion of the investigations into Satyam matter," said the company, which signed off on Satyam's accounts for a number of years without spotting any fraud. Raju, his brother, and Satyam's former chief financial officer S. Vadlamani are in custody in Hyderabad while police investigate accusations of cheating, forgery and breach of trust. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business TEXT-NZ Oil & Gas awarded new exploration permitReuters - 52 minutes ago Corning slashes up to 4,900 jobs to cut costsReuters - 54 minutes ago Corning profit falls; to cut 4,900 jobsReuters - 57 minutes ago DAVOS-Nomura chief sees no further job cutsReuters - 1 hour 7 minutes ago MOVES-KPMG Int'l, Citigroup, TSG, AmeriservReuters - 1 hour 21 minutes ago Enlarge Photo India Satyam board names bankers to advise on sale, other options Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Obama lobbies for $825 bln stimulus to thwart recession Caterpillar to slash 20,000 jobs Obama begins teardown of Bush climate policy Barclays bank shares sky-rocket after bailout fears fade Child matador kills six bulls in Mexico View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Wednesday, 28 January 2009 - India Satyam board names bankers to advise on sale, other options