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Satyam’s lifeline? Rs 1700 crore receivable

New Delhi: HDFC chairman and Satyam Computer board member Deepak Parekh on Thursday said the crisis-ridden IT company can raise funds by mortgaging its assets, dispensing with the need to look for government aid. HDFC Chairman said that the board will meet on Saturday.

He said that KPMG and Deloitte have started auditing the books of Satyam. The crisis-ridden IT firm has receivables of around Rs 1,700 crore, he added.

Earlier in the day, the government ruled out any bailout package for Satyam, but assured to do everything required to save jobs under the framework of its responsibilities.

“Financial assistance can be generated by hypothecating some of the assets of the company”, he said when asked if the government was planning to salvage the company.

Corporate Affairs Minister Prem Chand Gupta said that if Satyam needs funds, its board will raise it from banks. TV reports indicated SBI is willing to lend funds to Satyam.