Satyam's CFO V. Srinivas Resigns

Satyam's CFO V. Srinivas Resigns
The interim managers of tainted Satyam Computers today said they were talking to clients to continue serving them, even as the Chief Financial Officer (CFO) Valdamani Srinivas quit abruptly.

Interim CEO Ram Mynampati declared that the liquidity and cash-in-hand were not encouraging, although the company managed to pay December'08 salaries to its 53,000 employees.

"Some outstanding payment to vendors is yet to be made... we are verifying the liquidity and balancesheet... We have to raise liquidity in near term and are confident of raising it," said Mynampati, while adding that his appointment was legal.

On the conduct of auditor PriceWaterhouseCoopers, he said: "We have not verified what process PwC took to certify financial statements. We are not yet in touch with them."

On the financial irregularities disclosed by former Satyam Chairman Ramalinga Raju, Mynampati said the team was not yet in a position to answer these issues, as it is still ascertaining disclosures made by Ramalinga Raju and trying to correct financial irregularities.

He said the regulatory bodies have already started their inspection and a team of market regulator SEBI was in Satyam talking to associates.

CFO Srinivas, who Mynampati said was expected in office within a week, sent in his resignation during the course of the press conference -- dealing a blow to efforts to hold the top leadership team intact.

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