satyam salaries Just enough cash for Dec - satyam cfo
satyam employees are really worried about their future which is very dismal as the satyam cfo reported that the balance avalable now can only pay for satyam salay till december.
Satyam Computer Services Ltd today said it had just enough cash to give December salaries to its 51,000 employees, but was not sure the money could be paid in January.
flash news : satyam cfo attempts suicide
In his first press conference after taking charge as the outsourcing company’s interim CEO, Ram Mynampati said: “Salaries for December will be covered, but the liquidity position is not encouraging at all. We are looking at options on how to improve liquidity.”
Analysts say Satyam’s monthly salary bill adds up to Rs 600-700 crore. Mynampati said “he did not know” if the company had that much. He said the company was speaking to its top 100 clients who provide almost 80% of revenues, and had received expressions of support from key customers.
Claiming complete ignorance of the Rs 8,000 crore fraud to which S Ramalinga Raju, Satyam’s chairman and promoter admitted Wednesday, Mynampati said, “I and the board members present here, were in no way privy to the alleged financial irregularities that emerge from the circulated email.”
He said Satyam was yet to verify auditor Price Waterhouse’s process. “We haven’t been in contact... but we will be,” he said.
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Friday, January 9, 2009
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