Hyderabad: The six-member board, constituted by the Centre to revive Satyam Computer Services, will meet on Wednesday to consider among other things, offers from prospective buyers to take over the scam-hit Informational Technology major.
With the Securities and Exchange Board of India (SEBI) agreeing to amend the open offer price norms, the Engineering and Construction major Larsen and Toubro, which had increased its stake to 12 per cent from four per cent, is making strong moves ahead of the tomorrow's meeting of the Board, which is slated to meet for the fifth time in a series since its constitution by the
Union Corporate Affairs Ministry.
"The Board will consider various proposals and finalise its strategic alternative," company sources said.
The long-pending appointments of the key posts of Chief Executive Officer and Chief Financial Officer would also come up before the Board.
The Board is also likely to consider appointment of an Executive Director in view of the delay in finalisation of CEO and CFO, the sources said.
Hinduja Global Solutions Limited (HGSL), part of the Hinduja Group of Companies, has also expressed eagerness in taking over the crisis-ridden company, with its Founder B Ramalinga Raju, now in jail, admitting to have committed a financial fraud of over Rs 7,800 crore by inflating the books of accounts for over seven years.
The HGSL had approached Goldman Sachs, which has been appointed
as investment banker by the Satyam Board, at its January 27 meeting,
sources said.
At its January 27 meeting, the Board had ruled out selling the business in parts and announced that ''appropriate, fair and transparent measures for enabling open bids will be devised... in consultation with the SEBI and the Government of India".
The Spice Group is also in the race for acquiring the software services exporter.
iGate had also evinced interest in part of the IT major's business and adopted a "wait and watch" approach to the restatement of financials of the troubled-company.
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