Satyam board to meet on Friday to scrutinise EOI

HYDERABAD/MUMBAI: The government appointed Satyam Computer Services board will meet tomorrow to scrutinize the Expression on Interest (EoI) submitted by potential bidders for the company.

The decision for the board to meet in Hyderabad comes against the backdrop of L&T, Tech Mahindra and the Spice group putting in an expression of interest (EOI) for Satyam Computer Services.

The Hinduja group, which was also in the race, is yet to take a call on whether or not it will submit an EOI. Among the four, Tech Mahindra and L&T are the only ones with experience in running an IT business. The Hinduja group has a BPO business, HTMT.



The official deadline to submit the bid and proof of adequate funds is March 20. The Hinduja group, which was also in the race, has yet to take a call on whether or not it will submit an EOI. Among the four, Tech Mahindra and L&T are the only ones with experience in running an IT business. The Hinduja group has a BPO business, HTMT.

Satyam has been in turmoil since founder B. Ramalinga Raju confessed on January 7 that he overstated the company's profits over several years and created a fictitious cash balances of more than Rs 7,000 crore.

Based on the evaluation of bids, the Satyam board will induct a strategic investor to take management control of the firm.