The new board of the beleaguered Satyam Computer Services will meet again on Monday and Tuesday to finalise the candidates for the chief executive officer (CEO) and chief financial officer (CFO) of the company, and may discuss Larsen & Toubro increasing stake in the company to 12 per cent from its earlier four per cent.
A Satyam director said that L&T picking up more stake in the company would be discussed as that is the single largest stakeholder at the moment.
LIC, which holds four per cent stake, has found a board berth in Satyam, while L&T does not have a board seat.
It would also announce additional funding arrangements by Wednesday besides deciding about the investment bankers in the next few days.
The board had a two-day meeting last week that focused on issues of ensuring business continuity of the scam-tainted software major.
Following the meeting, the board announced that its members have narrowed the shortlist for the CEO and CFO positions to the final three, and would finalise their decision in the ensuing week. It also announced that additional funding arrangements were in the final stages of being concluded.
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According to board member Deepak Parekh, the funding arrangement is expected to be formally announced before Wednesday and will address the company's operational needs till the end of March 2009.
The immovable properties of Satyam, including all campuses owned by the company, are free of any encumbrance. The collections from receivables have also been robust so far, he said.
The board stated it had also interacted with a number of investment bankers and would take a decision in the next few days. As per the current indications, Goldman Sachs seems to be the frontrunner in this regard.
Doubts over the headcount of Satyam are also expected to be cleared in a couple of weeks. The board said that an independent investigation process was on to verify the figures.
While Satyam stated that its headcount was 53,000, the Andhra government's Central Bureau of Crime Investigation Department, which is probing the company's fraud case, said that it has only 40,000 employees.