Former chief justice of India SP Bharucha will monitor the sale process of Satyam Computer Services and advise the board in selecting the strategic investor from among the bidders, the company said in a release.

Satyam Computer Services said it has received adequate response from Indian and international bidders, including private equity firms, as the process of registration of bidders ended yesterday.

Satyam's board of directors, which met today, announced that it has taken steps to release the request for proposals (RFP) in the course of the day to all registered bidders.

''The board had requested the former chief justice of India, SP Bharucha, to oversee and guide the board throughout the selection process and he has kindly agreed,'' the release said.

The board met with Bharucha on 11 March 2009 in Mumbai and discussed the proposed process for the induction of a strategic investor.

Under the procedure finalised by the board, the expression of interest (EoI) from interested bidders along with proof of funds of Rs1500 crore ($290 million) is expected to be received by 5:00 pm on 20 March 2009.

Bidders who have submitted compliant EoIs and executed certain pre-transaction documents, will have access to data and information regarding the Company to enable them to submit technical and financial bids.

AS Murty, CEO of the company, briefed the board on his recent visit to Singapore and Australia to meet with customers and Satyam associates. He will be making a trip to the US for a similar purpose.

The securities may not be offered or sold in the US absent registration or under an exemption from registration under the US Securities Act of 1933, as amended.  Any public offering of securities to be made in the US will be made by means of a prospectus that may be obtained from the company and that will contain detailed information about the company and its management, as well as financial statements, the release said, adding, ''The company does not intend to register any securities in the United States or to conduct a public offering of securities in the United States.''