Satyam board approves bid process
21 Feb 2009
The board of Satyam Computer Services today approved the procedure to invite bids from possible investors, kicking off the process for inducting a strategic investor. The board will now seek regulatory approval early next week to induct a strategic investor.
The board also authorised company chief executive A S Murthy to implement staff retention plans.
Board member T N Manoharan, meanwhile, said the company is receiving offers from banks for funding of the company.
The Company Law Board had, yesterday, cleared the proposal and recommended the removal of statutory auditor PricewaterhouseCoopers. It had, however, adjourned the hearing on the takeover of the boards of Maytas Infra and Maytas Properties two companies promoted by the kin of former Satyam chairman B Ramalinga Raju, till 26 February.
Prospective suitors will now be able to put forward their expressions of interest for strategic stake in Satyam.
The B K Modi-promoted Spice Group, Hinduja Group and L&T have shown interest in acquiring the tainted IT firm.