Retired CJI to oversee bidding

HYDERABAD: Justice SP Bharucha, retired chief justice of India, will oversee the bidding process at Satyam. At least three domestic suitors, including L&T, Tech Mahindra and the Spice Group, expressed their interest in acquiring Satyam on Thursday.

The decision to appoint a retired Chief Justice to oversee the bidding process was taken by CLB to ensure that the process of selection of a strategic investor would be made in a transparent and open manner. The Hyderabad-based outsourcer crossed a hurdle in the process of roping in a strategic investor with the Delhi HC, dismissing a petition filed by a lawyer that challenged the board���s move to appoint a buyer for Satyam.

The two-judge bench, comprising Chief Justice of the Delhi High Court AP Shah and his brother judge Sanjeev Khanna, dismissed the petition which challenged the valuation of Satyam, among other things.