Former chief justice SP Barucha to guide Satyam on strategic investor

13 March 2009

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.