SPORTS & RESULTS

ndia’s fourth-largest software exporter, may seek a bailout and ask clients to accelerate payments as a probe into alleged fraud by its founder forces the company to restate accounts.

Satyam will appoint a new auditor to examine its books as its working capital requires “immediate attention,” newly- appointed director Deepak Parekh said in Hyderabad. The company will hire executives to replace arrested chairman Ramalinga Raju and chief financial officer Srinivas Vadlamani, he said.

“No one has faith in the numbers being produced so far,” Parekh said. “Unless the accounts are restated, the outlook for Satyam can’t be the same.”

Satyam’s shares surged 45 percent in Mumbai on speculation Parekh will draw up a rescue plan to avoid an exodus of clients including General Electric Co. and Telstra Corp. Trade Minister Kamal Nath said the government may provide financial aid to safeguard 53,000 jobs.

“The company needs to get its books audited by an external auditor as soon as possible so that banks can give loans to Satyam for working capital,” said R.K. Gupta, who manages the equivalent of about $100 million of stocks at Taurus Mutual Fund in New Delhi. “The most important issues at Satyam are to appoint a CEO and CFO immediately and try to restore the line of credit to the company.”

The government yesterday appointed Parekh, chairman of Housing Development Finance Corp., former regulator C. Achuthan and Kiran Karnik, ex-president of the nation’s software industry lobby group, as directors after sacking the previous board. New directors will be appointed soon, Parekh said today.

Need Time

Satyam may seek an extension to report third-quarter earnings because new auditors will need time to review the software exporter’s accounts. He declined to comment on the status of auditor PricewaterhouseCoopers LLC.

Officials have seized documents and the nation’s accounting body and are examining PricewaterhouseCoopers’s local unit, Corporate Affairs MinisterPrem Chand Gupta said on Jan. 9.

Raju, 54, and his younger brother Rama were detained on Jan. 9 on charges including forgery, breach of trust and criminal conspiracy. The brothers were remanded in custody until Jan. 23.

Raju’s admission Jan. 7 that he’d fabricated $1 billion in cash and assets sparked a record plunge in the company’s shares that wiped out $2.2 billion of investor wealth. The stock rose 10.65 rupees to 34.4 rupees today.

ndia’s fourth-largest software exporter, may seek a bailout and ask clients to accelerate payments as a probe into alleged fraud by its founder forces the company to restate accounts.

Satyam will appoint a new auditor to examine its books as its working capital requires “immediate attention,” newly- appointed director Deepak Parekh said in Hyderabad. The company will hire executives to replace arrested chairman Ramalinga Raju and chief financial officer Srinivas Vadlamani, he said.

“No one has faith in the numbers being produced so far,” Parekh said. “Unless the accounts are restated, the outlook for Satyam can’t be the same.”

Satyam’s shares surged 45 percent in Mumbai on speculation Parekh will draw up a rescue plan to avoid an exodus of clients including General Electric Co. and Telstra Corp. Trade Minister Kamal Nath said the government may provide financial aid to safeguard 53,000 jobs.

“The company needs to get its books audited by an external auditor as soon as possible so that banks can give loans to Satyam for working capital,” said R.K. Gupta, who manages the equivalent of about $100 million of stocks at Taurus Mutual Fund in New Delhi. “The most important issues at Satyam are to appoint a CEO and CFO immediately and try to restore the line of credit to the company.”

The government yesterday appointed Parekh, chairman of Housing Development Finance Corp., former regulator C. Achuthan and Kiran Karnik, ex-president of the nation’s software industry lobby group, as directors after sacking the previous board. New directors will be appointed soon, Parekh said today.

Need Time

Satyam may seek an extension to report third-quarter earnings because new auditors will need time to review the software exporter’s accounts. He declined to comment on the status of auditor PricewaterhouseCoopers LLC.

Officials have seized documents and the nation’s accounting body and are examining PricewaterhouseCoopers’s local unit, Corporate Affairs MinisterPrem Chand Gupta said on Jan. 9.

Raju, 54, and his younger brother Rama were detained on Jan. 9 on charges including forgery, breach of trust and criminal conspiracy. The brothers were remanded in custody until Jan. 23.

Raju’s admission Jan. 7 that he’d fabricated $1 billion in cash and assets sparked a record plunge in the company’s shares that wiped out $2.2 billion of investor wealth. The stock rose 10.65 rupees to 34.4 rupees today.

ndia’s fourth-largest software exporter, may seek a bailout and ask clients to accelerate payments as a probe into alleged fraud by its founder forces the company to restate accounts.

Satyam will appoint a new auditor to examine its books as its working capital requires “immediate attention,” newly- appointed director Deepak Parekh said in Hyderabad. The company will hire executives to replace arrested chairman Ramalinga Raju and chief financial officer Srinivas Vadlamani, he said.

“No one has faith in the numbers being produced so far,” Parekh said. “Unless the accounts are restated, the outlook for Satyam can’t be the same.”

Satyam’s shares surged 45 percent in Mumbai on speculation Parekh will draw up a rescue plan to avoid an exodus of clients including General Electric Co. and Telstra Corp. Trade Minister Kamal Nath said the government may provide financial aid to safeguard 53,000 jobs.

“The company needs to get its books audited by an external auditor as soon as possible so that banks can give loans to Satyam for working capital,” said R.K. Gupta, who manages the equivalent of about $100 million of stocks at Taurus Mutual Fund in New Delhi. “The most important issues at Satyam are to appoint a CEO and CFO immediately and try to restore the line of credit to the company.”

The government yesterday appointed Parekh, chairman of Housing Development Finance Corp., former regulator C. Achuthan and Kiran Karnik, ex-president of the nation’s software industry lobby group, as directors after sacking the previous board. New directors will be appointed soon, Parekh said today.

Need Time

Satyam may seek an extension to report third-quarter earnings because new auditors will need time to review the software exporter’s accounts. He declined to comment on the status of auditor PricewaterhouseCoopers LLC.

Officials have seized documents and the nation’s accounting body and are examining PricewaterhouseCoopers’s local unit, Corporate Affairs MinisterPrem Chand Gupta said on Jan. 9.

Raju, 54, and his younger brother Rama were detained on Jan. 9 on charges including forgery, breach of trust and criminal conspiracy. The brothers were remanded in custody until Jan. 23.

Raju’s admission Jan. 7 that he’d fabricated $1 billion in cash and assets sparked a record plunge in the company’s shares that wiped out $2.2 billion of investor wealth. The stock rose 10.65 rupees to 34.4 rupees today.

Satyam was sued by investors in at least three class-action lawsuits in the U.S. following the plunge in its shares.

Fix Bug

Satyam, founded in 1987, made its name by helping companies tackle the year 2000 computer bug. By 2001, the so-called Y2K revenue was substituted by software that helped companies to complete transactions over the Internet.

After the bursting of the dot-com bubble, Raju, who says he’s inspired by physicist Albert Einstein, expanded into software including design engineeringprograms for General Motors and medical administration in a venture with General Electric.

The fall of Raju, named Ernst & Young Entrepreneur of the Year in 2007, began three weeks ago when Satyam proposed paying $1.6 billion for Maytas Properties Ltd. and Maytas Infra Ltd., both tied to his family. The plan was scrapped 12 hours later after investors called it a “woeful misuse of cash.” Raju said the sale was designed to plug the hole in Satyam’s balance sheet.

ndia’s fourth-largest software exporter, may seek a bailout and ask clients to accelerate payments as a probe into alleged fraud by its founder forces the company to restate accounts.

Satyam will appoint a new auditor to examine its books as its working capital requires “immediate attention,” newly- appointed director Deepak Parekh said in Hyderabad. The company will hire executives to replace arrested chairman Ramalinga Raju and chief financial officer Srinivas Vadlamani, he said.

“No one has faith in the numbers being produced so far,” Parekh said. “Unless the accounts are restated, the outlook for Satyam can’t be the same.”

Satyam’s shares surged 45 percent in Mumbai on speculation Parekh will draw up a rescue plan to avoid an exodus of clients including General Electric Co. and Telstra Corp. Trade Minister Kamal Nath said the government may provide financial aid to safeguard 53,000 jobs.

“The company needs to get its books audited by an external auditor as soon as possible so that banks can give loans to Satyam for working capital,” said R.K. Gupta, who manages the equivalent of about $100 million of stocks at Taurus Mutual Fund in New Delhi. “The most important issues at Satyam are to appoint a CEO and CFO immediately and try to restore the line of credit to the company.”

The government yesterday appointed Parekh, chairman of Housing Development Finance Corp., former regulator C. Achuthan and Kiran Karnik, ex-president of the nation’s software industry lobby group, as directors after sacking the previous board. New directors will be appointed soon, Parekh said today.

Need Time

Satyam may seek an extension to report third-quarter earnings because new auditors will need time to review the software exporter’s accounts. He declined to comment on the status of auditor PricewaterhouseCoopers LLC.

Officials have seized documents and the nation’s accounting body and are examining PricewaterhouseCoopers’s local unit, Corporate Affairs MinisterPrem Chand Gupta said on Jan. 9.

Raju, 54, and his younger brother Rama were detained on Jan. 9 on charges including forgery, breach of trust and criminal conspiracy. The brothers were remanded in custody until Jan. 23.

Raju’s admission Jan. 7 that he’d fabricated $1 billion in cash and assets sparked a record plunge in the company’s shares that wiped out $2.2 billion of investor wealth. The stock rose 10.65 rupees to 34.4 rupees today.

Satyam was sued by investors in at least three class-action lawsuits in the U.S. following the plunge in its shares.

Fix Bug

Satyam, founded in 1987, made its name by helping companies tackle the year 2000 computer bug. By 2001, the so-called Y2K revenue was substituted by software that helped companies to complete transactions over the Internet.

After the bursting of the dot-com bubble, Raju, who says he’s inspired by physicist Albert Einstein, expanded into software including design engineeringprograms for General Motors and medical administration in a venture with General Electric.

The fall of Raju, named Ernst & Young Entrepreneur of the Year in 2007, began three weeks ago when Satyam proposed paying $1.6 billion for Maytas Properties Ltd. and Maytas Infra Ltd., both tied to his family. The plan was scrapped 12 hours later after investors called it a “woeful misuse of cash.” Raju said the sale was designed to plug the hole in Satyam’s balance sheet.

Satyam was sued by investors in at least three class-action lawsuits in the U.S. following the plunge in its shares.

Fix Bug

Satyam, founded in 1987, made its name by helping companies tackle the year 2000 computer bug. By 2001, the so-called Y2K revenue was substituted by software that helped companies to complete transactions over the Internet.

After the bursting of the dot-com bubble, Raju, who says he’s inspired by physicist Albert Einstein, expanded into software including design engineeringprograms for General Motors and medical administration in a venture with General Electric.

The fall of Raju, named Ernst & Young Entrepreneur of the Year in 2007, began three weeks ago when Satyam proposed paying $1.6 billion for Maytas Properties Ltd. and Maytas Infra Ltd., both tied to his family. The plan was scrapped 12 hours later after investors called it a “woeful misuse of cash.” Raju said the sale was designed to plug the hole in Satyam’s balance sheet.

Satyam was sued by investors in at least three class-action lawsuits in the U.S. following the plunge in its shares.

Fix Bug

Satyam, founded in 1987, made its name by helping companies tackle the year 2000 computer bug. By 2001, the so-called Y2K revenue was substituted by software that helped companies to complete transactions over the Internet.

After the bursting of the dot-com bubble, Raju, who says he’s inspired by physicist Albert Einstein, expanded into software including design engineeringprograms for General Motors and medical administration in a venture with General Electric.

The fall of Raju, named Ernst & Young Entrepreneur of the Year in 2007, began three weeks ago when Satyam proposed paying $1.6 billion for Maytas Properties Ltd. and Maytas Infra Ltd., both tied to his family. The plan was scrapped 12 hours later after investors called it a “woeful misuse of cash.” Raju said the sale was designed to plug the hole in Satyam’s balance sheet.