Thursday, January 8, 2009

Satyam press meet: Highlights

* Legally required to declare Q3 results by end Jan
* I have no knowledge of where Raju is; I assume that he's in Hyderabad: Mynampati.

Satyam: The truth at last!

* New management may recommend action against Satyam founder Ramalinga Raju; many actions are possible for company's future: Myanmpati.
* December obligations are met but Satyam faces immediate liquidity crisis: looking to raise liquidity

Ramalinga Raju: The man who pulled off India's biggest corporate fraud

* Many actions possible once we ascertain validity of Raju's statement
* Three members on board of Satyam as of now
* CFO has been cooperating with information needed


* Satyam CFO sends in his resignation. Not accepted yet: Myampati
* Are identifying new board candidates
* Have launched process to assess financial position
* Will do everything to protect careers, livelihoods

* Have received expressions of support from key customers
* Speaking to top 100 clients individually
* SEBI team in Satyam office today

Two class action suits filed against Satyam in US

* There is a legal status to me taking the role of Interim CEO
* Expect smooth transition in leadership
* Board talking to all clients; resolves to continue with the business uninterrupted: Mynampati.
* Liquidity position is not encouraging : Mynampati.
* Board launches process to ascertain disclosure made by Ramalinga Raju and correct financial irregularities
* Board relied on audited data on revenue; no inkling about fraud: Satyam interim CEO Ram Mynampati.

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