Govt denies bailout package for fraud-hit Satyam

ew Delhi, Feb 24: The government today ruled out any proposal to provide a financial bailout to the scam-hit Satyam Computers Services Ltd.
In a written reply in the Rajya Sabha, Corporate Affairs Minister Prem Chand Gupta said Satyam is working for and mobilising financial resources to meet its requirements under the guidance and supervision of the six Directors appointed by the government on the Board of the company, at its own strength.
He said the events relating to Satyam are related to a particular company and do not represent a failure of the regulatory system and relevant regulatory authorities.
Asked whether the government is hesitant to confiscate the properties of Satyam Computers and Maytas, he said the Centre is taking action as appropriate and necessary under the law as warranted.
He also said there is no record available with the government, of one Ramalinga Raju of Andhra Pradesh having established 325 companies as promoter subscriber under the Companies Act, 1956. (UNI)