One needs to look at it from the point of view of risk-reward ratios for those may bail out the company. Employees will be happy to see their jobs protected and may get down to business as usual if there is a quick signal of assurance from above. No one is in a hurry to jump jobs amid a global slowdown in a market that may bring on head-hunting vultures looking for cheap prey.

Who, then, could be a fair suitor? Tech Mahindra says it is only interested in the telecom part of the business. Larsen and amp; Toubro, which holds 4 per cent after a month of buying amid the tumult is in a dubious state as L and amp;T Infotech is not exactly a high-profile player in software. Infosys says it won't touch it. Wipro ,IBM and Accenture are doing well managing their own scale and hiring away staff. I suspect this deal is too messy for Wipro Chairman Azim Premji's stealthy, hardball style.

European companies like Capgemini are short of cash. Shiv Nadar's HCL Technologies has just beaten Infosys to acquire UK-based Axon, and is too busy digesting it. I would my money on somebody like MindTree Ltd which has so far only denied talks, not ruled out interest,. And it has already digested its acquisition of.

This could be a strategic fit in which Satyam can bring customer relations and employee scale and MindTree the management credibility and execution. The two firms also have complementary skills and locations.

Sweetened by cash from a smart private equity firm with a healthy risk appetite - and blessed by the state apparatus, Satyam could look for a high noon than a sunset. I hope I did not write a fairy tale here.