Satyam board sets stage for inviting buyers
The Satyam board approves the process to be followed for inviting a strategic investor to buy into the firm. Weekly Gainers: BSE (A. B), NSE | Losers: BSE (A. B), NSE
By ET Bureau |
HYDERABAD: The board of Satyam Computer Services on Saturday approved the process to be followed for inviting a strategic investor to buy into the firm. It will seek the regulatory approvals early next week. The board will announce the proceedings after getting the approvals, according to a company statement.
The board, which met for over five hours today, also recommended r the removal of Price Waterhouse as statutory auditors of the company. It now plans to appoint a new statutory auditor.
``The board has authorised the company's chief executive officer AS Murthy to finalise and implement a retention plan for its key associates in consultation with its management adviser Boston Consulting Group. The CEO will also endorse an action plan to fine tune expenditure and profit optimization plan,'' said C Achuthan, a board member.
According to another board member TN Manoharan the company is using bank funding in a controlled and phased manner to meet the immediate and near term operating requirements including payments to vendors. ``We are also receiving unsolicited offers from banks for funding,'' he said.
Today's board meet was the 7th since its reconstitution on January 10, 2009. Homi Khusrokhan and Partho S. Datta, special advisors to the board were also present at the meeting.
The newly appointed investment bankers of the company Goldman Sachs and Avendus also made presentations to the board.
The board, which met for over five hours today, also recommended r the removal of Price Waterhouse as statutory auditors of the company. It now plans to appoint a new statutory auditor.
``The board has authorised the company's chief executive officer AS Murthy to finalise and implement a retention plan for its key associates in consultation with its management adviser Boston Consulting Group. The CEO will also endorse an action plan to fine tune expenditure and profit optimization plan,'' said C Achuthan, a board member.
According to another board member TN Manoharan the company is using bank funding in a controlled and phased manner to meet the immediate and near term operating requirements including payments to vendors. ``We are also receiving unsolicited offers from banks for funding,'' he said.
Today's board meet was the 7th since its reconstitution on January 10, 2009. Homi Khusrokhan and Partho S. Datta, special advisors to the board were also present at the meeting.
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The newly appointed investment bankers of the company Goldman Sachs and Avendus also made presentations to the board.
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