Satyam Board to meet in Mumbai on Feb 12; to discuss funding

Satyam Computer's government-appointed Board will meet here on Thursday with further funding options and legal issues likely to top its agenda, a high-level source said. "The Board will meet in Mumbai on February 12 to discuss the company's long-term plans. These include further options to raise funds to meet short- to medium-term requirements," the source, closely connected with the development, told PTI here today. A Satyam spokesperson confirmed the date of the meeting. The short-term requirements of Satyam include funds for paying salaries to employees in India and abroad, rentals, arrears to vendors and provident fund dues. Satyam has to pay the first tranche of salaries for its US employees by February 19, the source said. The Hyderabad IT-major has already secured loans worth Rs 600 crore from IDBI Bank and Bank of Baroda. It is now understood to have plans to seek more loans from other state-owned banks as well. The company has already initiated discussions with two other banks, the source said, without, however, divulging their identities.

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