(By Anthony Miller). Investors pushed Satyam’s ADR (US) stock up 60% on Friday after the new board, instituted by the Indian government a couple of weeks ago, issued a statement on the company’s future. In outline:
- New funding arrangements should be in place by Wednesday to assure payment of employee salaries and vendors. This will see the company through till March '09.
- A new CEO and CFO “of global standing and recognition” will be appointed by the end of the week.
- Customers are still releasing new work to Satyam. Customer attitudes have mellowed from “alarm” to “cautious optimism”.
- Employee attrition “remains well under control”.