Government has calculated that it will need two thousand crore rupees to salvage Satyam Computer Services. This was part of the meeting held by the Prime Minister Manmohan Singh and top ministers and officials. However, it's not clear how this will be raised or disbursed.
The immediate concern is to pay the salaries of some 53 thousand employees. There's also the political cost that's weighing heavily on the government's mind. Losing over 50 thousand jobs is political suicide and the image of India after the Satyam fraud has taken a beating.
Shortly after the Prime Minister Manmohan Singh's review meeting on Satyam today, there was media speculation that government would be considering a financial assistance ranging between Rs 500 crore and Rs 2,000 crore but the PMO office declined to comment on it.
Wednesday, January 14, 2009
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment