Mah Satyam wants govt to be party in class action lawsuits

Excerpts from India Business Hour on CNBC-TV18 Watch the full show » Mahindra Satyam BSE | NSE 10/02/12 Are Mutual Funds betting on Mahindra Satyam?

A few days after the Minister of Corporate Affairs Salman Khurshid said that government will give all assistance to Mahindra Satyam in resolving its class action lawsuits, the company is now trying to make the government a party in the entire matter. The company has not ruled out an out-of-court settlement either reports CNBC-TV18's  Pranshu Sikka .
Here is a verbatim transcript of the exclusive interview with Pranshu Sikka on CNBC-TV18. Also watch the accompanying video.

Vineet Nayyar, Executive Vice Chairman of Mahindra-Satyam hinted at the fact how they want to make government a party. What their stand is that since the company is as much the victim of entire fraud as the stake holders; this is what they want the government to tell the court of law, so that it gives weight to the entire claim of not having to pay as much as the stake holders are claiming from them.

On the issue of out of court settlement, Vineet Nayyar said, "Out of court settlements are always better but issue is if we have any common ground or not. If we have a common ground we will make an out -of-court settlement. But if we don't then the law will take its own course. The court has required that we do mediation. I presume mediation will be done before the trial."

Meanwhile, Minister of Corporate Affairs has clarified that although the government as of now is willing to give all its investigation findings as well as the other information inputs towards the case and the class action law suits, they were not really ready to be a party to the entire case as of now. But that stand may change since the company has made its representation to the government and will have to wait and see what happens in the entire matter.

But as of now the Minister of Corporate Affairs says they are not willing to become a party.