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Satyam yet to finalise strategic investor norms
BS Reporter in Hyderabad | February 27, 2009 08:39 IST
The government-appointed board of Satyam Computer Services [Get Quote] met in Hyderabad on Thursday, but the discussions remained inconclusive and its outcome was not disclosed.
The board, which was exploring all options for inviting a strategic investor, was expected to finalise the guidelines and procedures for preferential allotment of shares and shortlist the potential bidders. However, at the end of its meeting, the board members did not say anything in this regard.
Earlier, Satyam had informed that the guidelines and procedures were discussed by the board and it was in the process of applying for the market regulator's nod. But, as the company's financial accounts were in question, complexities have cropped up in arranging the induction of a new investor.