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Satyam Computer changes bidding process

Satyam Computer changes bidding process
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First Published: Thu, Apr 02 2009. 06 50 PM IST
Updated: Thu, Apr 02 2009. 06 50 PM IST
Mumbai: Fraud-hit Satyam Computer Services said on Thursday it has modified the bidding process for a controlling stake to rank qualified bidders whose technical bids are satisfactory on price only.
If there was no bid which was at least 90% of the highest bid, then the top bidder will be declared successful, it said in a statement.
Otherwise the highest bid would be the floor price for an open auction to decide the successful bidder, it said.
The mechanism for conduct of the open auction will be notified to the bidders separately, Satyam said.
A government appointed board is trying to sell control of the firm, which was plunged into crisis in January after its founder and chairman Ramalinga Raju said profits had been overstated for years and assets falsified.
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First Published: Thu, Apr 02 2009. 06 50 PM IST
More Topics: Satyam | Ramalinga Raju | Corporate News | MAs |