Directors of Satyam Computer Services Ltd.' appointed by India's government were set to meet Saturday to discuss ways the company can receive financing after the state rejected a rescue bid.

The fourth largest software maker in India is troubled after its chairman Ramalinga Raju resigned last week revealing he falsely listed profit growth at the company over several years. The case has been called the largest fraud scandal in India ever.

The new board is doing everything to try and stabilize the situation, find a new chief executive officer, reassure clients, but all this takes time, said Krupal Maniar, an analyst at ICICI Securities Ltd. according to Bloomberg.Unfortunately, time is what's against them.

Analysts have speculated whether the firm has enough money to pay its employees. Satyam is waiting for auditors to confirm assets and assess of how much clients owe.

The company has 17 billion rupees, the equivalent to $349 million of pending payments from customers, Satyam's board member Deepak Parekh said, according to media reports.