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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Board: Satyam to have funding and new CEO soon By ERIKA KINETZ,AP Business Writer AP - Saturday, January 24 MUMBAI, India - Funding arrangements to meet cash expenses at beleagured Satyam Computer Services Ltd. will likely be finalized by Wednesday, and a new chief executive will be selected next week, the company's new government-appointed board said Friday. The reassurances come amidst intense anxiety about how the Indian outsourcing giant will survive the $1 billion fraud its founder and former chairman B. Ramalinga Raju confessed to perpetrating on Jan. 7. Salaries for tens of thousands of staff must be paid by month's end, and the firm's clients are looking for quick reassurance that the company will not collapse. A.S. Murthy, a senior vice president in charge of global software delivery, said Friday that he was heartened by the board's quick actions, but that some half dozen clients have said that if they don't see clear progress in the next few weeks they may have to terminate their contracts. "They are observing our developments on a daily basis," he said. Ten to fifteen percent of those clients are among the firm's top 100 clients, he said. State Farm Insurance Cos. said it cut its ties with Satyam Jan. 16. Board member Kiran Karnik told CNN-IBN in an interview to be broadcast Sunday that so far only "two reasonably large customers have given notice." Executives have been scrambling to reassure the rest of the firm's 650-plus clients of the company's solvency. Keshab Panda, head of Satyam's Europe operations, said he has personally visited 17 customers in the U.K. and continental Europe. "Customers are looking at whether we can run the January payroll. Once we do that, customers will be much more confident," he said. "I strongly believe we should be able to make it." He added that some clients have agreed to pay their bills in advance to help the cash-starved company. "Most customers we've spoken with have been very supportive," Panda said. "Every minute is important now," he added. Board members said Friday they had spoken to almost two dozen key customers individually, and the Hyderabad-based company has hosted site visits for clients seeking reassurances about its ability to continue operations. Karnik told CNN-IBN that despite the company's "serious cash flow problem" he's confident January salaries will be paid. "There is a serious cash flow problem because money has been sucked out and if we can take care of that over the next two or three months, then the business is enough to sustain it as long as we can retain customers and employees," he said. He added: "A few days ago, where in the US, salaries are due half monthly, we were able to pay the salaries and the medical insurance. We are hopeful that in next few days we will get the money to be able to pay the January salaries. I have a strong sense of confidence that we will be able to do it." Clients are also monitoring staff attrition, Murthy said. So far, he said, "there is no worry about key people leaving," echoing a message delivered by the board today. John McCarthy, principal analyst for Forrester Research, said 50 to 60 of Satyam's clients have been working on contingency plans. "Given the scale of their reliance on Satyam, they are scrambling to put in place contingency plans," he said. "They have to protect their mission critical systems." "That's the bad news," he added. "The good news is 80 to 90 percent have another Indian service provider working on the account. That's who they're talking to." McCarthy said Infosys, Tata Consultancy Services, Wipro, Accenture, and IBM could benefit from $500 to $700 million in business from Satyam over the next six months if the company flounders. Tata Consultancy Services and Infosys have said they are not actively poaching Satyam's staff or clients. McCarthy also said attrition will be a key indicator of the company's health. "Resumes are hitting the streets," he said. "If attrition goes up north of 20 percent, that's going to make clients nervous." Satyam's board will continue its discussions Jan. 26 and Jan. 27. 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 Stem-cell trial spotlights sector's prospectsAP - 42 minutes ago Ecuador trims oil budget due to price dropsAP - 44 minutes ago Oil prices jump in volatile marketAP - 47 minutes ago Investors brace for weak wireless chip resultsReuters - 49 minutes ago MONEY MARKETS-Bank worries raise US dollar borrowing costsReuters - 56 minutes ago Most Popular – Business Viewed World crisis deepens as downturn bites in Asia Obama retakes oath of office 'Dogs don't wear condoms,' says Baywatch star Anderson Obama steps up anti-recession offensive US unemployment spikes, housing crisis deepens View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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