The interim managers of tainted Satyam Computer on Thursday said they were talking to clients to continue serving them, even as the
Chief Financial Officer Valdamani Srinivas quit abruptly.
Interim CEO Ram Mynampati declared that the liquidity and cash-in-hand were not encouraging, although the company managed to pay December’08 salaries to its 53,000 employees.
“Some outstanding payment to vendors is yet to be made… we are verifying the liquidity and balancesheet… we have to raise liquidity in near term and are confident of raising it,” said Mynampati, while adding that his appointment was legal.
On the conduct of auditor PriceWaterhouseCoopers, he said: “We have not verified what process PwC took to certify financial statements. We are not yet in touch with them.”
On the financial irregularities disclosed by former Satyam Chairman Ramalinga Raju, Mynampati said the team was not yet in a position to answer these issues, as it is still ascertaining disclosures made by Ramalinga Raju and trying to correct financial irregularities.
He said the regulatory bodies have already started their inspection and a team of market regulator SEBI was in Satyam talking to associates.
CFO Srinivas, who Mynampati said was expected in office within a week, sent in his resignation during the course of the press conference — dealing a blow to efforts to hold the top leadership team intact.
The board will decide on accepting his resignation at a meeting on January 10.
Satyam Computer Services is speaking to its top 100 clients individually, and has received expressions of support from key customers, its interim CEO said.
“Our only aim at this time is to ensure that the business continues,” Mynampati told reporters at a news conference.
Another top priority for the company was to protect employees’ careers, said Mynampati.
He said the company would help investigating agencies and had launched a process to assess its financial position.
The Satyam board relied on audited data on revenue and had no inkling about the fraud, said Satyam interim CEO Ram Mynampati.
The company is in the process of identifying new candidates for the board, said Mynampati.
Mynampati said that the aim was to ensure complete transparency and smooth transition of the leadership.