In order to restore the confidence of overseas investors and clients in the Indian IT sector, as well as reassure the company’s over 50,000 hapless employees, the government on Monday said it is open to providing all kinds of help-including indirect liquidity support-to Satyam Computer Services.
The Prime Minister's Office, which is overseeing developments at Satyam, on Monday directed cabinet secretary KM Chandrasekhar to coordinate the actions of various government agencies and regulators investigating into the company, a senior official told FE. Sebi chairman CB Bhave met Prime Minister Manmohan Singh on Monday and apprised him of developments at Satyam, the official said.
Commerce & industry minister Kamal Nath reiterated the government’s pledge to consider all options, including any proposal to arrange adequate finances, to help Satyam carry out its operations smoothly. Department of economic affairs secretary Ashok Chawla stressed that the government would ensure access to funds so that Satyam is able to carry out its normal, legitimate activities.
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