Government may announce bail out package for beleaguered IT giant, Satyam Computer services for salary payout and to avoid large scale lay-offs. The company has 53,000 employees engaged in its various operations and their future is hanging in dark following revelation of largest ever corporate fraud in Indian history by its Chairman, Mr. R. Raju and other executives.
 
Government has already appointed a three member team comprising noted banker, Deepak Parekh, former Nasscom head, Kiran Karnik and former Securities and Exchange Board (SEBI) member, C Achutan who recently held meeting with senior most employees of company to discuss various important matters.
 
Union Commerce and industry minister, Kamal Nath said that state-run finance institutions also maintain some shares in Satyam besides it gives livelihood to thousand of people.

On the issue of financial assistance to company, he added, "The government will consider all aspects, including giving financial support, once it receives firm proposals from the newly-constituted board."
The government has decided, in principle, to provide liquidity to Satyam according to some unidentified finance ministry's officials.
 
Meanwhile, the board set up by government is looking for its new CEO and audit offices for its normal operations. Former vice chairman of Satyam's larger rival Wipro Technologies and now a partner with buyout group, TPG Capital, Vivek Paul may be appointed as new CEO of Satyam as per speculations.
 
HDFC chief and Satyam's Board member, Mr. Parekh said, "Our immediate priority is to appoint an independent accounting firm within the next 48 hours to restate the accounts for at least three to four years. We have also asked for an extension of the company's third quarter results. Satyam has a lot of marquee customers, so we want to ensure continuity of services without much disruption."