Seven suitors approach fraud hit Satyam Computers Ltd.
29 Jan 2009, 2048 Hrs

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New Delhi, Jan.29 Satyam Computers board member Tarun Das on Thursday revealed that the fraud hit Satyam Computers Ltd. has been approached by about seven possible suitors, including private equity players.

"So far we are aware of four (companies that have approached Satyam Computer). But we have heard that another two or three firms are also interested," said Tarun Das, who is also the chief mentor of industry body Confederation of Indian Industry (CII).

Das also informed that the investment bankers were talking to everybody and finding out which firm was interested, what was the level of seriousness and were evaluating the proposal before getting back to the board. He said that the whole process may take six weeks.

Earlier this week, the board of Satyam Computer Services appointed Goldman Sachs and Avendus Capital as investment bankers and mandated Boston Consulting Group (BCG) to act as its management adviser.

Asked whether Satyam's founder Ramalinga Raju had inflated employee numbers as claimed by the Andhra Pradesh police,

Responding to a query about Satyam's founder Ramalinga Raju's claims and the Andhra Pradesh Police's contradiction over the exact number of employees in the company, Das said: "We have done a head count using external agencies and we believe in the basis of investigation that we are well over 50,000 people in Satyam. So I do not think that there is any inflated numbers."

Earlier, Andhra Pradesh CID had claimed in a court that there were 13,000 ghost employees on the rolls of the IT firm, following which the human resources department of Satyam Computer Services conducted a verification of the head count. (ANI)

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