Indian govt may provide financial support to Satyam

New Delhi, Jan 12 (PTI) Indian government's help to the
crisis-ridden Satyam Computer Services may include financial
support as well, as it is a question of saving jobs and
institutional investment, Commerce and Industry Minister Kamal
Nath said.

He said the government will consider "all aspects" in
helping the troubled IT company "once it receives firm
proposals from the newly constituted board".

on Sunday, the Indian government constituted a
three-member board comprising noted banker Deepak Parekh, IT
expert Kiran Karnik and ex-SEBI member C Achutan. More
appointments have been made Monday.

According to the Company Law Board's order, the
reconstituted board of the IT major can have a maximum of 10
members.

The government on Friday sacked the board of Satyam a
few days after its founder-chairman B Ramalinga Raju admitted
to a Rs 7,800-crore fraud in the books of accounts of the IT
company.

When asked whether the government will consider
financial help, Nath said, "Of course. There are many jobs at
stake and institutional stakes."

He said now it was up to the board to come up with
proposals.

The new board met today at Hyderabad and the outcome of
the meeting is expected to be announced later in the evening.
PTI RR