Larsen & Toubro Ltd, the engineering and construction giant,  denied media reports on Thursday  that it had plans to present a revival proposal to the board of scam-hit Satyam Computer Services Ltd.

Reports in the media had suggested that Larsen was a front-runner for taking over the Hyderbad-based IT firm with Satyam's institutional supporters Life Insurance Corp and ICICI Prudential LIfe Insurance backing the bid.

Larsen & Toubro holds about 4 per cent in Satyam. It had announced that it may strike an alliance with the software services exporter after full investigations into its accounts had concluded.

Another media report citing invesment banking and government sources said that L&T would bid once KPMG and Deloitte the new auditors released restated results.

A company spokesman on Thursday denied L&T was making a presentation to Satyam's new board.

Satyam, the fourth-largest Indian software exporter, has been battling for survival since chairman Ramalinga Raju's exit this month, following confessions of falsifed accounts over years and a non-existent $1 billion of cash on the books.

Another firm of the Raju family, Maytas Infra Ltd, is being investigated by the Serious Fraud Investigation Office. The company said the investigations would delay announcement of quarterly results beyond the Jan. 31 deadline.

Meanwhile, Satyam's new, six-member, government-appointed board will meet on Thursday to discuss securing emergency funding to tide over the crisis.

The board will likely consider involving an investment banker in the aid rescue effort and also pick a chief executive and a chief financial officer. 

JPMorgan and Goldman Sachs are among the banks and institutions shortlisted  to advise Satyam; they may be be asked to find a strategic investor for the company. 

Meanwhile, according to media reports, two large customers have notified contract cancellations to Satyam.

Analysts have said until the scam was fully investigated it would be difficult to find any  takers for the stricken company.