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Satyam board meets to evaluate bidders' EoIs
March 13, 2009 10:58 IST
Last Updated: March 13, 2009 12:31 IST
The Satyam [Get Quote] board met on Friday to discuss the expressions of interest submitted by bidders, which includes one of its shareholders Larsen & Toubro, software firm Tech Mahindra [Get Quote] and B K Modi's Spice Corp.
A company official said the board meeting started at 9.30 am.
Satyam on Thursday closed registrations for potential bidders as it began a process to sell 51 per cent stake in the company, which is caught in the country's biggest corporate scandal.
The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
The deadline for submitting the bid and proof of adequate funds is March 20.
iGATE files formal EoI: According to another report from Bangalore, iGATE, a Nasdaq-listed integrated technology and operations company, announced on Friday filing a formal expression of interest in Satyam Computer Services Ltd. based on the process specified by the board of the latter.
iGate is expecting to receive from Satyam the latest financial statements, including those for the quarter ended December 2008 and the months of January and February 2009. It also has to get the updated position on liabilities and potential liabilities of the company, an iGATE statement said.
"In the event of iGATE not receiving this information immediately, it has no option but to withdraw its expression of interest," it said.