The Spice group is likely to be the latest to withdraw from the bidding for a 51-per cent stake in fraud-hit Satyam Computer Services. Potential bidders continue to be driven away by the lack of transparency about the bidding process as well as the true state of Satyam's books, which the new government-appointed board, headed by HDFC chairman Deepak Parekh, has steadfastly refused to reveal.

The Spice group on Wednesday said it would review its decision to participate in the bidding, alleging that there was no openness and transparency in the process. The US-based outsourcing service provider iGate Corp opted out earlier this month, citing similar reasons.

"We feel there is no openness and transparency... The Satyam board is now talking about another short listing of bidders. We do not even know who are the bidders in the first short-listing," Spice Group chairman B K Modi told the media in Bangalore.

"Our board will meet shortly to take a call on whether to go ahead or not," Modi said, adding that the board will take a call on this issue within a day.

He added that the Spice board will take a full view of the situation in the wake of the new shortlisting terms and conditions and other related problems that may crop up when the company goes ahead with the bidding.

Bidders for a controlling stake in the outsourcing firm hit by India's biggest corporate fraud are expected to be short-listed soon, and the board has said they will be given access to 'some' data and financial information before submitting their offer.

Spice's withdrawal would probably leave only two players in the fray - Larsen and Toubro and Tech Mahindra, both of which already have a vested stake in the company and thus have greater reason to acquire it. (See: L&T, Spice, Tech Mahindra in race for Satyam; iGate opts out)

"We have (Satyam's) letter. It's not very positive, so we may be withdrawing," Modi said of Satyam's response to Spice's request for more information. "We wanted transparency, which we have not got. We don't know who the other bidders are. There is no understanding of a clear-cut auction process," Modi said when contacted by Reuters.

Satyam said on Tuesday it hoped to finalise the buyer by 30 April, and that potential bidders, who had submitted a detailed expression of interest by 20 March, should expect to receive a response by Wednesday.

The Satyam board is looking for a buyer to help restore the confidence of its more than 600 clients and about 50,000-strong staff, but there are concerns about the extent of the fraud, whether it is losing customers and its legal liabilities. The company's accounts are yet to be restated.