New Delhi, January 12
Troubled Satyam Computer Services, facing a liquidity challenge, may get financial support from the government that is willing to consider “all aspects” of helping the crisis-ridden company, Commerce and Industry Minister Kamal Nath said today.

Since it was a question of saving jobs and an international Indian brand, the government would consider all the proposals from the newly constituted board, Nath said.

When asked whether the government could extend even financial help to Satyam, Nath said: “Of course. There are many jobs at stake and institutional stakes”. Addressing a press conference after the first meeting of the government-appointed board in Hyderabad, Deepak Parekh said the liquidity issue would need immediate attention.

Nath said it was up to the board to come up with proposals. He said the Satyam fraud was not a slur on India Inc because the country’s corporate norms had passed the test of the Securities and Exchange Commission of the US and several other multilateral agencies.

Meanwhile, SEBI chairman CB Bhave today met Prime Minister Manmohan Singh and is believed to have briefed him about the latest developments on scam-tainted Satyam, which is the subject of a probe by the market regulator.

The meeting comes in the wake of a coordinated probe by the Andhra Pradesh CID, SEBI, Serious Fraud Investigation Office and the Registrar of Companies.

Hyderabad: A city court today deferred till January 16 hearing on bail applications filed by Satyam’s three disgraced executives, including Ramalinga Raju, as also market regulator SEBI’s plea for quizzing Raju. — PTI

Hyderabad, January 12
Former President APJ Abdul Kalam has resigned from the governing board of Emergency Management Research Institute (EMRI), a non-profit organisation floated by tainted Satyam Computers.

Along with Kalam, several high-profile members of the governing board, too, resigned following the recent developments in Satyam, the EMRI said in a statement today.

The other members who have resigned include KV Kamath, former CEO of ICICI Bank, Tarun Das chief mentor of CII, Krishna Palepu of Harvard Business School, B Ramaraju former MD and CEO of Satyam and Kiran Karnik former President Nasscom, the statement said.

The resignations of these persons will be submitted for acceptance at the next meeting of governing board, which will be held in the next 10 days, it said. Former Satyam chairman B Ramalinga Raju, who was the chairman and member of the governing board of the EMRI, too, quit the post, the statement said.

EMRI is currently operational in eight states.

Meanwhile, The government has said that it does not see any conflict of interest in HDFC chairman Deepak Parekh and former Nasscom president Kiran Karnik, who are directors on the board of Satyam’s competitors, being on the troubled company’s board.

“There is no conflict of interest,” Corporate Affairs Minister Prem Chand Gupta said today when asked whether there could be a clash of interest in Parekh joining the Satyam board. — PTI