India’s Satyam Computer Services remains viable, in spite of concerns over a cash crisis after its former chairman confessed to fixing its accounts to show a fictitious cash balance, corporate affairs minister Prem Chand Gupta said.
Mr Gupta said on Thursday that clients owed Rs17bn ($347m) of fees to India’s fourth largest outsourcing group by revenue in the near term. This, even after accounting for about Rs6bn in short-term debt, would be enough to tide it over in the coming weeks. “Satyam can request its clients to pay, instead of in 60 days or 90 days, to pay in 30 days so that the company has working capital,” Mr Gupta said.
