Satyam submits details of bidding process to SEBI
Satyam Computer on Tuesday submitted the details of competitive bidding process to select a strategic investor to market regulator SEBI.
By PTI |
NEW DELHI: Satyam Computer on Tuesday submitted the details of competitive bidding process to select a strategic investor to market regulator SEBI.
Although the bidding process has already started and reached the stage of due diligence by shortlisted bidders, Satyam said in a letter to SEBI that "we (Satyam) are submitting this letter for your (SEBI's) information and record".
The process bars the successful bidder from selling or disposing any material assets for two years.
The other condition puts a three-year lock-in period for the winner of the bidding process on its entire shareholding from the date of public offer.
The new owner will not be allowed to discontinue the main business of the company or undertake any new unrelated business.
Shortlisted bidders will get access to overview of the current vision, strategy and operations of the company. None of the information provided by the company stands up to any warranty.
The new management has to cooperate with the investigating auhtorities like SEBI, SFIO, SEC, CBI, RoC and CLB who will continue their probl against the previous management.
Although the bidding process has already started and reached the stage of due diligence by shortlisted bidders, Satyam said in a letter to SEBI that "we (Satyam) are submitting this letter for your (SEBI's) information and record".
The process bars the successful bidder from selling or disposing any material assets for two years.
The other condition puts a three-year lock-in period for the winner of the bidding process on its entire shareholding from the date of public offer.
The new owner will not be allowed to discontinue the main business of the company or undertake any new unrelated business.
Shortlisted bidders will get access to overview of the current vision, strategy and operations of the company. None of the information provided by the company stands up to any warranty.
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The new management has to cooperate with the investigating auhtorities like SEBI, SFIO, SEC, CBI, RoC and CLB who will continue their probl against the previous management.
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