Investigations into India's biggest corporate fraud have revealed more dirt. Sources have told NDTV that at least six members of Satyam's top management may have been involved in the scam and that former chief of Satyam B Ramaliga Raju may have been siphoning off money since 2003.
The sources also revealed that B Ramaliga Raju, may have faked over 6,000 salary accounts to divert salary into false accounts.
Raju may have flouted KYC norms in opening the accounts, they said. STPI certificates obtained by NDTV show Satyam's transactions.
The sources said that Raju may have pledged fixed deposits to go into fictitious accounts, adding that Raju's deposits with foreign banks were maturing in third quarter of 09.
Even as investigations in the Satyam saga continue, efforts may be on to sell it either as a whole or in pieces.
Is Satyam up for sale and if it is, who are the buyers? These two questions can change the fate of more than 50, 000 employees of Satyam.
As the Satyam saga unfolds, the mystery over Satyam's buyers is also unfolding. NDTV has learnt that Tech Mahindra is still interested in a merger option with Satyam. In fact, the company is keen on a deal at the earliest. Besides, it s also willing to do its independent due diligence of Satyam. However, Tech Mahindra is not willing to take on non-business related liability of Satyam.
The new board members also agree that they have offers from various suitors.
But many suitors might be interested in buying parts of Satyam rather than the whole company. Satyam gets almost 40 per cent of its business through SAP and suitors may be interested in getting that business. Moreover, even the BFSI business will be a target for many buyers. Essar has already evinced interest in Satyam's BPO business.
However, most eyes are on companies like Larsen & Tourbo (L&T), which through Satyam may be looking to give their infotech business the required scale.
L&T already has a 4 per cent stake in the company and its top officials have already made the rounds of the corporate affairs ministry, further fuelling reports of its interest.
But, the big concern, which will have a direct impact on Satyam's valuation, will be its liabilities and how much of it will have to be borne by its new owners.
Source: http://www.ndtv.com
