Infrastructure major Larsen & Toubro upped its stake in Satyam by another 8%. This is in addition to the 4% that it already holds. The 8% stock was acquired in the open trade today and the Company can now effectively be considered to be among the front runners in acquiring Satyam. According to reports emerging in, Rs. 190 crores was paid towards picking up this stake. The Company’s board which met on Friday announced that it has shortlisted three candidates for the post of CEO and CFO and would do the finalization before the end of next week. The board said: "We fully recognize the urgency and importance to have the right person with the right experience and abilities (as CEO and CFO) to successfully steer the company through these turbulent times." The board also expressed hope that salaries for January would be met well within time and assured employees that necessary arrangements were being made on that front in terms of raising loans from banks by pledging the Company’s assets which were “free of any encumbrance.”Infrastructure major Larsen & Toubro upped its stake in Satyam by another 8%. This is in addition to the 4% that it already holds. The 8% stock was acquired in the open trade today and the Company can now effectively be considered to be among the front runners in acquiring Satyam. According to reports emerging in, Rs. 190 crores was paid towards picking up this stake. The Company’s board which met on Friday announced that it has shortlisted three candidates for the post of CEO and CFO and would do the finalization before the end of next week. The board said: "We fully recognize the urgency and importance to have the right person with the right experience and abilities (as CEO and CFO) to successfully steer the company through these turbulent times." The board also expressed hope that salaries for January would be met well within time and assured employees that necessary arrangements were being made on that front in terms of raising loans from banks by pledging the Company’s assets which were “free of any encumbrance.”
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