Monday, November 9, 2009

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Tuesday, January 20, 2009

SBI exposure in Maytas is about Rs 500 crore: Bhatt

State Bank of India on Monday said it has an exposure of nearly Rs 500 crore in two Maytas firms promoted by the family of Satyam's disgraced founder Ramalinga Raju, although there was no direct exposure to the beleaguered IT company itself.

"Our exposure in Maytas Properties and Maytas Infra both fund and non-fund is less than Rs 500 crore," SBI Chairman OP Bhatt told reporters on the sidelines of Vibrant Gujarat Global Investors' Summit here.

Maytas Properties and Maytas Infra are promoted by Raju's family and have interests in realty and construction. There is no exposure of the bank in Satyam Computer Services, Bhatt said, adding that "there are no personal loans given to Raju and their sons".

Noting that there is no problem with the Maytas accounts, Bhatt said all the exposure are collateralised and accounts are regular.

The Bank is reviewing all these accounts and at the same time sharing information with both the central government and RBI to see if there is need to take proactive action from its side, he said.

Asked about the risk, Bhatt said, there could be some risk if the projects for which loans were given do not take off. Funds are generally given after due diligence Andhra Pradesh Chief Minister Y S Rajasekhara Reddy had said yesterday that he had asked the chief secretary to review the ability of the Maytas firms to execute projects awarded to them in light of the problems the promoter family is facing. Bhatt, however, said that Satyam does provide services to IT-Department of the bank along with other reputed vendors like Infosys, TCS and Wipro.

Perma link : http://www.hindustantimes.com/StoryPage/StoryPage.aspx?sectionName=HomePage&id=d892f577-bbd5-4c49-b960-90025720ea1a&ParentID=bc584011-d53a-4c7e-b732-ac0df5a6dccc&MatchID1=4897&TeamID1=7&TeamID2=8&MatchType1=2&SeriesID1=1236&PrimaryID=4897&Headline=SBI+exposure+in+Maytas+is+about+Rs+500+crore%3a+Bhatt

New Board of Directors Appointed at Satyam

Hyderabad, INDIA, January 11, 2009: Satyam Computer Services Limited (NYSE: SAY) today said that it welcomes the Ministry of Corporate Affairs’ appointment of three distinguished members to a newly formed board of directors for the company.

The members are:

  • Mr. Deepak S. Parekh, Chairman of HDFC

  • Mr. Kiran Karnik, former President of NASSCOM

  • Mr. C. Achuthan, Director at the National Stock Exchange, former Member of SEBI, and former Chairman of Securities Appellate Tribunal.

Satyam welcomes this key development, which will ensure the company’s continued operations, help maintain customer confidence and associate morale, and restore investor trust. The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam’s leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board,” the company said.
The board is expected to meet within the next 24 hours.

“This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company’s history. It is the best news we’ve received in the past four weeks,” a company spokesperson added.