Satyam Computer Services Limited, a consulting and information technology services provider, announces recovery proceedings and successful efforts to restore stakeholder confidence and ensure business continuity.
Associates’ commitment to client service and indomitable team spirit have done more than keep customers from leaving Satyam after the company’s accounting crisis, which came to light on 7 January.
In fact, since that day, “associates’ dedication and the tireless efforts of the board have helped Satyam win new purchase orders and extensions totaling more than $250 million,” says A.S. Murty, chief executive officer, Satyam.
“These wins reflect a positive trend,” continues Murty. “More than half of this value comes from new purchase orders. That fact reinforces the confidence customers have expressed to us during our frequent discussions with them.”
The contract wins include a $50 million project, plus numerous others representing a broad range of industries, technologies and geographies.
Satyam also announced that its board met for the seventh time since 10 January. In addition to other key developments, it established a process for potential strategic investors, and will seek regulatory approvals in the nearest future. Should the government consent, the board will announce the specific process potential investors must follow.
“The board is satisfied with the progress of the company’s stabilization program and appreciates the sustained efforts of the company’s associates, who have placed its revival on a fast track,” says Kiran Karnik, chairman of board of directors, Satyam.
“It is being used to meet immediate and near-term operating requirements, including payments to vendors,” says T.N. Manoharan, board member. “Furthermore, we are now receiving unsolicited offers from banks for additional funding.”
L.D.