Q: If there is a large investor – strategic or financial – which makes an offer to large shareholders to take off your stake, make an open offer, and take charge of the company, will you be openly disposed or favourably disposed to such an offer?

A: We would definitely look at it. It would be negligent not to look at it on behalf of our investors. We will be open to that idea. But it depends on what the price would be. It depends on many different things. So, we are not discounting any particular alternatives at this point.

Q: Are you saying at the current market price you are not a seller, but at a slightly more favourable price you will consider it?

A: It would have to be a considerably better price than this. You are looking at a balance sheet that has over USD 1.2 billion worth of excess cash. You are seeing a share that has been beaten down very brutally over the last couple of weeks. We see quite a lot of value with price levels at this point.

Q: And you have no concerns about all that cash actually being in Satyam’s books? No concerns on the corporate governance front all that meets the eye is not quite there?

A: No, at this stage we have received verbal assurances from the management. I think media and public scrutiny is great in this company. I think there is a sincere belief and desire in the management team and the remaining board members to do the right thing by all shareholders, not just a small group of shareholders. So, we will wait and watch and look out for the actions that would substantiate their words.

Q: What is the general takeaway that you have from other large shareholders that you have been speaking to? Is there a general feeling that after what has happened it is in your collective interest to try and usher in a new management in whatever shape and form? To that extent, if some of your stake needs to be sold to such a party, then you would be open to doing it?

A: I think there are a few takeaways. The first thing is that it is important to establish that a mistake or misjudgement had happened, and that everybody accepts that. I think that is quite clear from what we have seen so far from statements and subsequent announcements by the company.

I think there is also an important need to make sure that going forward something like this doesn’t happen again. We are still a very profitable, very cash rich software engineering business. That is something that all shareholders are keen to protect.

In terms of where this goes with steps at the shareholder level, I think that different shareholders have got different views. But most are quite open to various offers that could be tabled.

I want to emphasise here that the core business remains a very strong, globally competitive one. It is that core machine, the core group of employees that we do need to protect, because they are doing a very good job and this is a huge distraction for them. But that will hopefully go away soon.

Q: What signal are you taking away as a very large shareholder from the resignation of the independent directors? What does it tell you about what their thought process is and what they believe the promoter stance will be going forward, the fact that they have chosen to throw in the towel before the board meeting on January 10?

A: It is really difficult to extrapolate too much from those actions. It is clear that obviously not everybody within the board were comfortable with what had been done. That is clear. But beyond that, it is difficult to say exactly what their individual motivations are.

We definitely need talent and resource at the board and senior management level to lead the company out of this. We will be open to leaders that are willing to back themselves and be responsible for the shareholders of Satyam.

Q: As a large shareholder, how did you read the development that the entire promoter stake has been pledged to financial intermediaries? We believe from very reliable sources that nearly half of that stake of Raju has been sold down in the open market in these last 2-3 sessions? It is very likely and possibly true that his stake is no more than 3-4% today.

A: Yes, I read those stories as well. We cannot establish anything for certain. Nobody will come on record to say that. It is not necessarily a bad thing. But we do see at this point that there is value in the shares at these price levels, whoever the shareholders may be.

I think it is very sad that after developing and growing the company for so many years, it has come to such a messy chapter. But the story is not over yet. There are specific steps that can be taken even now by the family and by the senior management team that will improve the situation tremendously quite quickly if they are taken decisively and without delay.