Satyam Computer Services Ltd. will hire an adviser bank to review options to rescue its business as investigations continue regarding alleged fraud.
Satyam's board will meet Thursday and decide on the financial institution, according to Deepak Parekh a board member who spoke with reporters. JP Morgan and Goldman Sachs are among the banks shortlisted, three banking sources said, Reuters reports today.
Satyam, -- the fourth largest software maker in India -- is trying to raise funds and stop clients from canceling contracts after its former CEO Ramalinga Raju confessed of falsely increasing profits of the company for years totaling up to $1 billion of non existing funds.
Potential buyers have approached to Satyam's board, according to Tarun Das, another member of the board on Tuesday. The fraud as Satyam has been seen as the largest in India's corporate history yet.e