Wednesday, January 28, 2009

Who will be David for Satyam??

You have heard a lot and read a lot more already about what is being termed as India's Enron. So I am not going to blabber about the same.

After the ongoing scam-like situation leading into the so called, Biggest Fraud in the Corporate History of Corporate India Inc., rumours, as usual, are on air for speculating observances on the selling of Satyam.

The Hyderabad based giant is in talks with L&T board for further manipulation. All things might get clear by the end of the Board Meet on 31st Jan.

Speculatuions are getting ripe as L&T(having a stake of 4.4%) has increased its stake to about 12% in the fallen Goliath. According to the Company Law, if a company acuires above 15% stake of a private firm it has the rigth to take the company under its control.

Seeing the trend L&T has started the buying and is estimated to buy a large share of 7.6% more making it a 16% stake-holder, the highest is the list.

Data provided(as per the NSE and BSE) showed that, on Friday, L&T paid about Rs 176 crore to buy 5.1 crore shares of the IT company.

The two have been in serious talks so as to prevent attrition and other misfortunes for the company. LIC, IDBI, BoB(Courtesy: Economic Times) has provided cash assistance to Satyam so that they can pay the internal customers of the company, their wages, actually!! this is hapenning and true...............