No bailout for Satyam: Kamal Nath

New Delhi, Jan 19 (PTI) A week after saying that the Indian government could extend financial help to Satyam Computer Services, Union Commerce and Industry Minister Kamal Nath Monday said, "There was never a bailout (plan)" for the troubled IT firm.

"There was never a bailout (plan). It is up to the
company and its board to look at the strategy as to how to
possibly salvage the company," Nath told reporters on the
sidelines of the Confederation of Indian Industry (CII)
Partnership Summit here.

Suggesting new strategic investors for the cash-starved
company, reeling under the Rs 7,800 crore fraud confessed to
be committed by its founder B Ramalinga Raju, Nath said
Satyam's bankers can look at ways to save the firm.

"(The) company has very strong bankers to look at new
investors, new equity partners. These are the areas where the
company must look at," Nath said.

When Nath was asked on January 12 whether the government
would consider extending financial support to Satyam, he had
said, "Of course. There are many jobs at stake..."

The government-appointed director on the Satyam board,
Deepak Parekh, said last week that the company can look at
mortgaging assets for raising working capital. PTI RK