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Satyam bids: Former CJI to oversee process

Last updated on: March 13, 2009 18:06 IST

Former Chief Justice of India S P Bharucha has agreed to oversee the bidding process of Satyam Computer Services.

The Satyam board, which met on Friday, has received adequate response from Indian and global bidders, including private equity firms, submitting expression of interest to acquire a 51 per cent stake following the closure of the registration process on Thursday.

In a statement, the company said, bidders, who have submitted compliant EoIs and executed pre-transaction documents will have access to data and information regarding the company to enable them to submit technical and financial bids.

At its meeting on Friday, the board of directors announced that it has taken steps to release the request for proposal in the course of the day to all registered bidders.

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.

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