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| Merger option open for Satyam: Parekh | |
| Press Trust of India / Hyderabad January 12, 2009, 21:05 IST | |
The option of merging Satyam Computer Services with another firm is "always open", the government- appointed board of the scandal-hit IT firm said today.
"The option of merger is always open," the newly- appointed director Deepak Parekh told reporters after the first meeting of the board, which was constituted by the government yesterday.
Following the aborted Satyam-Maytas deal, the earlier board headed by disgraced chairman B Ramalinga Raju had appointed DSP Merrill Lynch as merchant banker to look for strategic partner along with a plan to increase shareholder value.
However, DSP Merrill Lynch snapped its engagement with Satyam soon after the disclosure of Rs 7,800-crore accounting fraud at the IT firm.
"We, DSP Merrill Lynch, have terminated our advisory engagement with Satyam Computer Services for considering various strategic options on January 6, 2009," DSP Merrill Lynch said adding, "In the course of such engagement, we came to understand that here were material accounting irregularities, which prompted our aforesaid decisions".
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