No doubt over Satyam employee count

‘No doubt over Satyam employee count’

Chennai, Jan. 25 It’s official. There are no ghost employees in Satyam and the stated figure of 53,000 as of September 30, 2008 is correct, according to a member of the new board of directors of the company.
Mr T.N. Manoharan, past President of The Institute of Chartered Accountants of India and one of the six government nominees on the new Satyam board, told Business Line: “There is no doubt over the employee count. There are about 45,000 employees in Satyam and another 6,000, including contract employees, working in subsidiary companies in India and abroad. The balance 2,000 is the attrition over the last four months.”
He said though the new board had already checked this out in the last couple of weeks, it has initiated a fresh count now following the statement in court about the fictitious employees.
“We will know the result in the course of the coming week,” he said.Arranging funds, payments
Meanwhile, the board, which will meet again on Monday and Tuesday, is trying to arrange funds for payment of salaries at the end of this month to employees in India and the US.
A senior official involved in the process who wished to remain anonymous said the company needs about Rs 500 crore immediately to pay salaries and clear pending utility and contractor bills.
It is understood that talks are on with some Indian banks to raise funds by mortgaging freehold land and buildings of Satyam. The official said though receivables are being pursued, securing a loan will help the new board focus on strategy rather than spend its time in “firefighting” day-to-day problems.Stabilising operations
The official said the strategy of the board is to stabilise the operations, while keeping an eye out for potential suitors. Investment bank Goldman Sachs made a presentation at the board meeting on Friday, while UBS is understood to have made a telephonic presentation. L&T, which holds 12 per cent in Satyam now, did not make a presentation nor has it contacted the board.
Mr Deepak Parekh and Mr Kiran Karnik, both board members, are understood to be talking to the three short-listed candidates for the CEO position and Monday’s meeting is likely to finalise the appointment of one of the three.
The members have also individually addressed Satyam’s employees, recordings of which have already been webcast to Satyamites across the world.
The official said the commitment of employees continues to be high. Similarly, the board has also spoken individually to clients whose “comfort levels” are gradually increasing, said the official.