Satyam Computer Services, the company at the centre of India’s largest corporate scandal in more than a decade, was on Thursday fighting for survival as senior managers moved to appoint a new auditor and an investment bank to find a buyer.
Interim managers of India’s fourth largest software company, whose chairman B. Ramalinga Raju on Wednesday resigned after confessing to fraud worth more than $1bn, said its accounts had been so thoroughly manipulated they were not even sure it had the cash to last out the month.
“What we’re trying to do is to respond to a crisis of unimaginable proportions,” said interim chief executive Ram Mynampati. “Our liquidity position is not very healthy right now, we are trying to manage that position appropriately.”
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