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Posted on 20 January 2009
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L&T worried about stake in Satyam
20 Jan 2009, 1515 hrs IST, PTI
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NEW DELHI: Larsen & Toubro, currently the single largest shareholder in scam-ridden Satyam Computer, on Tuesday said it is concerned about
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its stake in the IT firm whose valuation has dropped nearly 90 per cent since the disclosure of a Rs 7,800 crorefraud by Ramalinga Raju.
"I am concerned about my stake in Satyam," L&T Chairman A M Naik said after meeting Corporate Affairs Ministry officials.
The meeting of Naik with the MCA official comes amid reports that the company is in the race to buyout Satyam and that it has appointed Japanese financial services firm Nomura to advise on a possible deal with Satyam.
The engineering major currently holds about four per cent stake in Satyam, to run which the government has appointed a new six-member board. One of the board members, S Balakrishna Mainak, is from LIC - another Satyam shareholder.
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