Satyam has asked for Rs.1.5 bn for US staff: Official
By IANSWednesday, January 14, 2009
NEW DELHI - A senior executive with Satyam Computer Services has told the government that the fraud-hit company needs at least Rs.150 crore (Rs.1.5 billion or $30 million) to take care of the health insurance liabilities of employees in the US.
Economic Affairs Secretary Ashok Chawla said that the request was made in a mail from Ram Mynampati, who is in the US to speak with the clients of Satyam Computer Services and reinstate their confidence after the Rs.70 billion ($1.43 billion) scam admitted by its founders.
‘We’ve received a mail or two from Mynampati. It said they urgently need something of the order of Rs.150 crore to take care of the health insurance liabilities of staff in the US,’ Chawla told reporters on the margins of an international petroleum conference.
He also ruled out any immediate bailout package for the beleaguered company from the government. ‘Not now, not at this stage,’ Chawla said.
The secretary said that while Satyam can have as many as 10 board members, no decision had yet been taken to expand the number of members from the present three. ‘Let’s see what the government decides,’ he added.
