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Satyam board to initiate bidding process for partner
The debate over whether Satyam will induct a strategic partner through a bidding process seems to be over. The board is clear it will be through a bidding process. Moreover, the board which meets in Mumbai on Thursday is also expected to discuss appointing an independent committee to oversee the bidding process.
The debate over whether Satyam will induct a strategic partner through a bidding process seems to be over. The board is clear it will be through a bidding process. Moreover, the board which meets in Mumbai on Thursday is also expected to discuss appointing an independent committee to oversee the bidding process.
Here is a verbatim transcript of Vivek Law's comments on CNBC-TV18. Also watch the accompanying video.
Satyam is set to induct a strategic partner through a bidding process. An independent committee headed by a retired Supreme Court judge would oversee this bidding.
Satyam will lay down stiff eligibility norms for the bidders; wherein the potential acquirer must have a sound IT track record and they would have to subscribe to fresh shares as well.
Meanwhile, CNBC-TV18 learns that the Sebi is close to finalising the norms for acquirers in special circumstances like Satyam. Sources that special circumstances would be triggered in the event of government or CLB or regulators superseding a board. The request for waiver of ordinary takeover norms would come from the company's board and not the acquirer.
