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What could be the future of Satyam ?

Satyam Computer Services Ltd. is being called "India's Enron," after its chairman admitted he had cooked the books to the tune of about $1 billion, leaving the company with almost no cash. Satyam has nearly 53,000 employees and is the country’s fourth biggest IT firm. It has also won various innovation accolades and awards for its corporate governance.

In a swift action to salvage the Satyam crisis, the Centre had set up a three-member board by nominating HDFC chairman Deepak Parekh, the former Nasscom president, Kiran Karnik, and the ex-SEBI member, C. Achutan, as independent directors to take charge and chart out the future course of action.

So now whats on the future course of action for Satyam, well as per Mr. Karnik the immediate task would be ensuring continuity and sustainability for customers and employees.

Telecoms software firm Tech Mahindra Ltd, a unit of Mahindra & Mahindra Ltd, had emerged as a strong contender for Satyam and was keen on taking over the entire company.

Larsen & Toubro Ltd is also likely to present a revival plan to the newly formed Satyam board.

Aegis BPO Services Ltd., the back office unit of India's Essar Group, has expressed interest in carving out Satyam's back office arm, but has not made a formal offer.
Also an U.S.-listed outsourcing services provider iGate Corp has told the board it is interested in buying Satyam and is in touch with private equity firms to fund a possible deal.

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