The board of Satyam Computer Services Limited today announced the appointment of Goldman Sachs and Avendus as investment bankers to advise the company on the way forward and to explore various strategic options.

The two will help Satyam Computers identify strategic investors, obtain expressions of interest and ensure a fair, transparent approach to the entire process.

''The Board has received several proposals from corporate entities as well as from select PE firms. Some have shown interest in evaluating Satyam as an integrated entity, while others have expressed interest in portions of Satyam's business,'' said Manoharan who chaired today's board meeting.

He, however, ruled out a sale of 'parts' of Satyam as ''it would be contrary to the mandate of regulating the affairs of Satyam as a going concern, as stipulated by the Government of India.

The board also announced the appointment of Boston Consulting Group as management advisors to support the government-appointed directors.

A dedicated three-member senior team from BCG is expected to work closely during this revival process.

''An important point to note is that they will not be charging Satyam any fees for their services and this reflects on their commitment to the task on hand,'' Deepak Parekh stated.

Today's board meeting was the fourth since its reconstitution on 10 January. 

The board said it had concluded most of the discussions relating to the financing requirements of the company. These funds will help tide over the immediate, compelling operational expenses.

The company said salaries to employees for January 2009 will be paid as scheduled and that this would be achieved from its internal accruals/receivables.

The company said it has done further validations relating to the employee numbers of Satyam Computer Services Ltd and that there are sufficient data that reinforce the understanding that the earlier reported numbers hold good.
 
The company is working on a new management structure and a formal statement on the plan of action will be released this week.

Responding to the move by a corporate entity to acquire large portions of Satyam shares in the open market, Manoharan said ''The reasons for the same are best explained by the purchaser. It should not be taken as an indication of support by the government nominated board, for change of control of Satyam, at this stage. Appropriate, fair and transparent measures for enabling open bids will be devised by the company's board in consultation with SEBI and the Government of India, since adequate number of bidding interests have been evinced to the new Board. It is important to keep in view that this is now a Government administered company, reporting to the Company Law Board and the ministry of corporate affairs.''

Speaking on customers, Kiran Karnik said: ''I have been talking to quite a few customers and partners, every day. It is heartening to note that they continue to engage with us, confidently. While a few are discussing risk mitigation plans, they are closely monitoring and wanting to see Satyam's return to long term sustainability. We have been assured by the actions of some of our key customers, who have sent strong messages to other vendors, to refrain from poaching Satyam's associates or business. There is also a steady improvement in the statement of work (SoW) extensions. We continue to reach out to our customers, where required, to reassure them at every stage,'' he said.

''All these actions reflect the sense of urgency and determination and these steps will help restore stakeholder confidence, ensure stability and growth and bring back the glory that the Satyamites truly deserve'' said Manoharan.