Satyam Board to scrutinise bids later this week

The Govt-appointed Board will look into the bids for strategic stake in Satyam on Friday or Saturday.

The Government-appointed Board will look into the bids for strategic stake in Satyam Computer on Friday or Saturday,said a source in know of the developments on Tuesday.

At least seven companies,including Larsen & Toubro,i-Gate,Spice and Mahindra Group,have already submitted proposals to the board last week and the bids to be accepted till March 20.

“The Board will meet either on Friday or Saturday…the Board expects to reach clarity on the time-frame to complete the selection process by next week,” the source said in Mumbai.

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Satyam expects to chalk out a time-frame for the selection process by next week to end the uncertainly on the future of the troubled IT major,the source said.

The Board has already said that it has received adequate interest from both Indian and international bidders,including private equity firms.

As per the guidelines set by the Board,interested parties have to submit bids by March 20 with proof of funds of Rs 1,500 crore.

To ensure hassle-free and transparent bidding,the Board had appointed former Chief Justice of India S P Bharucha to oversee the process.