Satyam employees to get Feb salaries

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Satyam employees to get Feb salaries
New Delhi, Feb 4: Scam-hit Satyam has enough money to pay salaries for its employees for the month of February, according to sources. This would definitely sooth its grief-stricken employees.

Salaries for its employees in India will be paid by the month end while employees abroad will be paid in two installments – one by Feb 15 and the second by month-end.

The company reportedly has around Rs 1,800 crore as receivables with which it intends to pay its workers. However it is not clear how Satyam would meet other expenses such as insurance, arrears to vendors, dues to provident fund, TDS and rentals.

On Wednesday, Feb 4, Satyam board will meet and would consider six-seven buyout offers made to it. During the meeting, Rs 600-700 crore short-term funding requirements to be provided by three public sector banks would be discussed.

Preference to a local entity would be given, though Satyam has received proposals from both domestic and foreign companies. Satyam's land bank is worth Rs 1,500-1,700-crore and hence it would not be difficult to secure Rs 600-700 crore loan pledging this property, the source said.

OneIndia News (With inputs from Agencies)

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