UNITES (Union for Information & Technology Enabled Services) - union of IT and BPO workers has written to the Chief Election Commissioner N Gopalaswami requesting him to intervene and halt the sale process of fraud hit Satyam Computer until a new government takes over and current investigations being carried out by CBI reach a logical conclusion. UNITES general secretary Karthik Shekhar has expressed concerns that the company’s legal liabilities and other ambiguities will act as deterrents for any potential bidder to carry out an effective due diligence process. Satyam’s fixed assets are valued by the government-appointed board at around Rs 1,800 crore, UNITES said, adding that on the liability front at least 13 class action lawsuits are already in the US courts. The liability could easily exceed $900 million (Rs 4,500) crore. However Company sources are of the opinion that the class action suits will not cause any dent on the company’s valuation. However UNITES is concerned that “the whole liability running into billions of dollars will eventually fall on the tax-payers of India.”
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