Gupta hints at Satyam bidding process completion before polls
Several corporates have shown interest in taking over the crisis-ridden Satyam Computer Services. Weekly Gainers: BSE (A. B), NSE | Losers: BSE (A. B), NSE
By PTI |
NEW DELHI: Corporate Affairs Minister Prem Chand Gupta on Saturday hinted at completion of the bidding process for selection of strategic investor for the crisis-ridden Satyam Computer Services before the upcoming polls.
Gupta said "yes" when asked whether the bidding process for Satyam would be completed before the general elections due sometime in April-May.
Several corporates including engineering giant Larsen & Toubro, UK-based Hindujas and B K Modi-led Spice Corp have shown interest in taking over Satyam which fell into crisis following disclosure of fudging of books of accounts by its founder B Ramalinga Raju.
Market regulator SEBI has already relaxed the takeover regulations to facilitate acquisition of Satyam Computer by another company.
Meanwhile, the Company Law Board has also allowed Satyam to increase its authorised capital by 75 per cent from 80 crore shares to 140 crore of Rs 2 each. The relaxation will help the company offer equity to the prospective acquirer looking for 26 per cent stake in the company.
CLB has directed the government-appointed board to devise a plan to auction the shares in a transparent manner under the supervision of a retired Chief Justice of India or a Supreme Court judge.
Gupta said "yes" when asked whether the bidding process for Satyam would be completed before the general elections due sometime in April-May.
Several corporates including engineering giant Larsen & Toubro, UK-based Hindujas and B K Modi-led Spice Corp have shown interest in taking over Satyam which fell into crisis following disclosure of fudging of books of accounts by its founder B Ramalinga Raju.
Market regulator SEBI has already relaxed the takeover regulations to facilitate acquisition of Satyam Computer by another company.
Meanwhile, the Company Law Board has also allowed Satyam to increase its authorised capital by 75 per cent from 80 crore shares to 140 crore of Rs 2 each. The relaxation will help the company offer equity to the prospective acquirer looking for 26 per cent stake in the company.
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CLB has directed the government-appointed board to devise a plan to auction the shares in a transparent manner under the supervision of a retired Chief Justice of India or a Supreme Court judge.
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