Thursday, January 15, 2009
Bailout Package for Satyam ruled out by Govt
"New Delhi: The government on Thursday ruled out any bailout package for crisis-ridden Satyam Computers, but assured to do everything required to save the 53000 jobs at stake.
“Satyam might not need any financial assistance. If the company needs any money they can approach the banks. Satyam has also requisite resources,” said Corporate Affairs Minister PC Gupta while talking to reporters here today.
He also stressed that any decision regarding Satyam’s management would be taken by the three-member board itself, which was appointed by the government recently.
“The board has people of eminence who know how to manage a company. It is up to the board to take a decision in this regard,” he added.
Gupta’s confirmation about the remote possibility of a bailout package came in tandem with comments by Minister Of State For Industry Ashwani Kumar on the same.
Kumar had earlier in the day said, “This is a decision that the new board of Satyam would take. This government is not going to directly or indirectly subsidize wrong-doing and fraud in Satyam.”
Kumar was briefing reporters on the sidelines of a Petrotech-2009 conference in the national capital.
When asked, is government not in favour of a bailout package for Satyam as such, Kumar said that the new Satyam b"
“Satyam might not need any financial assistance. If the company needs any money they can approach the banks. Satyam has also requisite resources,” said Corporate Affairs Minister PC Gupta while talking to reporters here today.
He also stressed that any decision regarding Satyam’s management would be taken by the three-member board itself, which was appointed by the government recently.
“The board has people of eminence who know how to manage a company. It is up to the board to take a decision in this regard,” he added.
Gupta’s confirmation about the remote possibility of a bailout package came in tandem with comments by Minister Of State For Industry Ashwani Kumar on the same.
Kumar had earlier in the day said, “This is a decision that the new board of Satyam would take. This government is not going to directly or indirectly subsidize wrong-doing and fraud in Satyam.”
Kumar was briefing reporters on the sidelines of a Petrotech-2009 conference in the national capital.
When asked, is government not in favour of a bailout package for Satyam as such, Kumar said that the new Satyam b"
