PM closely following Satyam's developments

Written by: Super Admin
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New Delhi, Jan 13: Prime Minister Manmohan Singh held discussions with Commerce and Industry Minister Kamal Nath and reviewed situation about the Satyam Fiasco on Tuesday, Jan 13. The discussions were in the wake of Kamal Nath's decision to support the beleaguered IT firm.

"The Prime Minister is closely following the developments on Satyam," a PMO source said.

On Monday, Jan 12, Manmohan Singh held discussions with Securities and Exchange Board of India (SEBI) Chairman C B Bhave and senior Finance Ministry officials. He also asked Cabinet Secretary KM Chandrasekhar to co-ordinate the government approach on the issue.

The Government is working on all aspects to save the international Indian brand, jobs at stake and a crisis-ridden company, said Kamal Nath on Monday, Jan 12.

When asked whether the government could extend even financial help to Satyam, Nath said, "Of course. There are many jobs at stake and institutional stakes."

"Satyam, with about 53,000 employees, is facing a liquidity challenge," said Deepak Parekh, a member of the Government-appointed board.

Kamal Nath also said the Government would consider the package and proposals the board would come up with.

OneIndia News (With inputs from Agencies)

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