B K Modi's Spice Group sets up 7 member team to oversee Satyam bid

HYDERABAD: The BK Modi led Spice Innovation; a unit of Idea Cellular Ltd's Spice Communications has constituted a seven-member board to take decisions relating to a strategic investment in Satyam Computer Services, according to BK Modi, Chairman, Spice Group.

The firm on Thursday registered its expression of interest for Satyam, he said.

The new board that was constituted today after the group registered online for the Hyderabad based outsourcer. The nominees on the board are D R Mehta, former Sebi Chairman, K N Memani, former country manager Ernst & Young KN, KL Chug former Chairman of ITC Group and four others.

The board members on Spice Innovation will also look into the legal and HR related issues once the firm is short-listed in the bid process. The Satyam board will select the new owner to take majority control over the firm.