Kicking off the formal process for inducting a strategic investor, the Satyam [Get Quote] board on Saturday approved the procedure to invite offers from likely suitors.

The board also gave its nod for seeking the regulatory approval early next week to induct a strategic investor.

The decisions follow the approval from the Company Law Board on Thursday in this regard.

It has also recommended the removal of statutory auditor Price Waterhouse and is looking for a new auditor.

The board decision will pave the wave for prospective suitors to put forward their expression of interest for strategic stake in Satyam.

B K Modi-promoted Spice Group, Hinduja Group and L&T are the likely the suitors.

A company statement after the board meeting in Hyderabad said that Satyam has received new orders in the last seven weeks.

Board member T N Manoharan said the company is receiving offers from banks for funding of the company. The board also authorised company CEO A S Murty to implement staff retention plans.