After getting nod from Security and Exchange Board of India (SEBI), the fraud-hit IT giant Satyam Computer Services Ltd on Monday has asked the global bids to sell a 51% stake through a preferential offer. For this, the board of the company has begun the process of inviting competitive bids from today.
In a move to initiate the bidding process, the newly organised board of Satyam has invited bids across the globe from interested candidates.
Earlier, engineering and construction giant Larson & Toubro (L&T), B K Modi led Spice group and Hinduja group had shown their interests in buying the stake of India’s fourth largest IT giant.
But, SEBI has expressed that it wanted more transparency in bidding, thus, the market regulator has eased the norms in bidding process of Satyam and has granted a special status to it to attract more bidders including foreigners.
Now, according to sources, one the biggest computer firm IBM has shown its interest to buy the 51% holding, however, IBM has not so far officially confirmed it.
In another major development, a local court of Hyderabad on Monday allowed the Central Bureau of Investigation (CBI) to retain captivity of former chairman of Satyam B Ramalinga Raju and other four accused for the next seven days and to enquire them in the custody in the presence of their advocates.
Pronouncing the orders, the Fourteenth Additional Chief Metropolitan Magistrate S Samuel Victor Emmanuel on Monday sent Ramalinga Raju, his brother and former managing director B. Rama Raju, former chief financial officer Vadlamani Srinivas and sacked Pricewaterhouse partners S Gopalakrishnan and Talluri Srinivas for a seven-day CBI custody.
This is for the first time; the city court has permitted CBI to interrogate the accused in custody after their incarceration.
The multi-disciplinary investigation team (MDIT) of CBI in the leadership of agency’s Director Inspector General (D.I.G) V V Lakshmi Narayana is likely to grill the accused.
The magistrate has set the date of March 18 for hearing the bail petition of Vadlamani Srinivas.
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