Satyam revises bidding process

Satyam Computer has announced that it would conduct open auction in case there are one or more bidders within 90 per cent of the top financial bid.

If one or more financial bids are at least 90 per cent of the highest bid,the board will treat the highest bid as the floor price and conduct an open auction,” the company said in a note to the market regulator Securities and Exchange Board of India (Sebi).

In such a situation,the top bidder as also those within 90 per cent would be asked to participate in the open auction and raise their bids,the company said. The move would enable the company to enhance the value for stake sale,for which engineering giant L&T and Tech Mahindra are among those in the race.

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Justice S P Bharucha,who is overseeing the bidding process,will open the sealed financial bids submitted by the shortlisted qualified bidders,whose technical bids have been found to be satisfactory and rank them based on price,it added.

Meanwhile,the CBI will file its chargesheet against B Ramalinga Raju and other accused on April 9. We will be filing a charge-sheet on April 9 but the investigations into the case would continue even after that, CBI Director Ashwani Kumar told reporters on the sidelines of the 10th D P Kohli Memorial lecture.