Company was unaware of Raju's fraud: Satyam

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Hyderabad, Jan 8: The official Satyam press conference began at 5 pm in Hyderabad on Thursday, Jan 8. Six leaders of Satyam interim ceo, Ram Mynampati, Virendra Agarwal,   C R Anand, Ravi and Keshab Panda were present in the conference.

Ex-CEO Ramalinga Raju was not present during the press conference. But interim CEO Ram revealed that  Raju is in Hyderabad. At the same time he also told that he does not have any contact with him after his resignation and he is not aware where Raju is in  Hyderabad.

Speaking to reporters Ram Mynampati, interim ceo of Satyam said they will continue the business and ensure smooth transition. He also added that they are trying to persuade their customers to continue the busines

Satyam Damage Control process are as follows:

Here are some points made by interim CEO Ram Mynampati

Will do anything to protect customers and employees

 We are getting support from customers

Need to test veracity of Raju's letter.

We are reaching out to 50,000 associates world wide.

We have always relied on information from auditors

Need assistance on liquidity front

Still assessing legitimacy and accuracy of Raju's letter

We will deal with regulatory and govt issues in a transparent manner

We will give support to Raju but we have no contact of him yet.

SEBI team is speaking to some of the employees. SEBI team also verified Satyam's balance sheet.

We will verify the balance sheet, liquidity on the balance sheet is not encouraged

We have healthy receivables position.

Company's priority to protect the career of all employees

5.52 PM

Board was unaware of the scam.

CFO Srinivas Vadlamani's resignation not accepted.

6.02 PM

Senior members of Satyam had conference call with chairman, MD.

Independent chartered accountants are assessing the accounts.

We will take action after the assessment.

6.09 PM

I don't know why Raju has not signed the letter: Ram

In the last quarter, no recruitment happened.

We are legally bound to show Q3 results by Feb.

Satyam Board will meet on Jan 10 to appoint new members.

6.22 PM

Though most of the board members were present during the press conference, interim CEO Ram answered majority of the questions posed by journalists.

OneIndia News (With inputs from Agencies)


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