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Satyam Board to scrutinise bids for strategic stake

Satyam Board to scrutinise bids for strategic stake
PTI
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First Published: Tue, Mar 17 2009. 06 10 PM IST
Updated: Tue, Mar 17 2009. 06 10 PM IST
Mumbai: The government-appointed board will look into the bids for strategic stake in Satyam Computer on Friday or Saturday, said a source in know of the developments on Tuesday.
At least seven companies, including Larsen & Toubro, i-Gate, Spice and Mahindra Group, have already submitted proposals to the board last week and the bids to be accepted till 20 March.
“The board will meet either on Friday or Saturday...the board expects to reach clarity on the time-frame to complete the selection process by next week,” the source told the news agency here.
Satyam expects to chalk out a time-frame for the selection process by next week to end the uncertainly on the future of the troubled IT major, the source said.
The board has already said that it has received adequate interest from both Indian and international bidders, including private equity firms.
As per the guidelines set by the board, interested parties have to submit bids by 20 March with proof of funds of Rs1,500 crore.
To ensure hassle-free and transparent bidding, the board had appointed former chief justice of India SP Bharucha to oversee the process.
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First Published: Tue, Mar 17 2009. 06 10 PM IST
More Topics: Satyam | Stake | Investor | Satyam Fiasco | India |