Amid concerns over crisis-ridden Satyam’s liquidity position, newly appointed board member Deepak parekh on Thursday disclosed that the company’s receivables stand at Rs 1700 crore. He also said that Satyam may borrow against assets if there is a need. Earlier he had said that Satyam might ask clients to accelerate payments to tide over the liquidity crisis.
Earlier in the day, the government ruled out any bailout package for Satyam, but assured to do everything required to save jobs under the framework of its responsibilities.
The government doesn't bail out corporates, said Parekh. He said the need for aid would depend on Satyam getting receivables. He further added that receivables are coming in every day and Satyam has paid the salaries of US employees. We are trying our best to salvage Satyam but we need time, he added.
Parekh also said that KPMG, Deloitte have started auditing the books of Satyam. KPMG and Deloitte would restate accounts in 8-12 weeks, said Parekh.