Satyam may ask customers for cash early


Satyam may ask customers for cash early

Karl Flinders

Indian IT service provider Satyam could ask its customers to pay money they owe early to help the company which is currently short of cash.

Yesterday Indian corporate affairs minister Prem Chand Gupta revealed that the company is owed $347m in fees. "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," said Gupta according to the Financial Times.

Satyam said last week that the balance sheet "is not encouraging," following the revelation that the former chairman B Ramalinga Rajuhad cooked the company's financial figures to the tune of $1bn.

Later speaking at an emergency conference on Monday 12 January Deepak S Parekh, who has been appointed to the Satyam board by the Indian government, said if the money owed to it all came within the next 60 to 90 days it would have enough reserves to pay its bills.

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