Satyam's Government-appointed Satyam board to evaluate the EoIs from suitors to acquire a majority stake in the IT major as also to take stock of the company's performance.
Satyam's Government-appointed board met here on Saturday, to evaluate the Expressions of Interest (EoIs) from suitors to acquire a majority stake in the IT major as also to take stock of the beleaguered company's performance.
The company is expecting to complete the selection process for a strategic investor in the next three-four weeks after a thorough evaluation of the potential bidders, a source in the know of developments said.
The board meeting, which lasted for nearly five hours, assessed the potential bidders including engineering major Larsen & Toubro, Mahindra group's Tech Mahindra and the BK Modi-led Spice Group.
Chairman of the Satyam's government-appointed board Kiran Karnik, however, declined to comment on the outcome of the meet.
Representatives of Satyam's investment bankers Goldman Sachs and Avendus also participated in the meeting to advise the board on the quality of proposals received.
Apart from the domestic companies, a host of foreign firms are also believed to have approached the board with proposals to take over the fourth-largest IT outsourcing firm in the country.
The board had given time to the interested parties till Friday to submit their EoIs, along with proof of Rs 1,500-crore cash in hand.
Apart from Karnik, others who attended the board meeting included Deepak Parekh, C Achuthan, TN Manoharan and Tarun Das.
The Board took stock of the current financial position of the company, employees' retention and client-related issues.
Hyderabad-based Satyam plunged into a crisis following gross irregularities committed by its founder-chairman B Ramalinga Raju, who overstated the company's profits and kept its liabilities under wraps for several years.
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