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Spice Corp pulls out of Satyam bidding

March 27, 2009 19:29 IST

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B K Modi-promoted Spice Corp on Friday said it is withdrawing from bidding "for the moment" for Satyam [Get Quote] Computer alleging non-transparency, multiple short-listing process and lack of clarity in the selection criteria.

A senior company official said, "It is withdrawing for the moment from the race after the Satyam Board told Spice Corp that it is following the best possible transparency in the process as laid down by SEBI and CLB."

"We have no option but to withdraw from the process at the moment as we feel the Satyam Board is not following an open auction, not sharing the name of bidders and going for multiple rounds of technical short-listing process, which are not suggestions by CLB and SEBI," the official said.

"The withdrawal is for the moment as we have written a letter to Justice S P Bharucha who is overseeing the bidding process, asking for more transparency in the bidding process.

"Once we get response from the Justice over these issues that we raise, we will decide accordingly to be remain in the race or out of it completely, the official said. 



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