Gupta rubbishes Spice allegations in Satyam bidding process | business | Hindustan Times
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Gupta rubbishes Spice allegations in Satyam bidding process

Corporate Affairs Minister Prem Chand Gupta today ridiculed B K Modi-led Spice Corporation's allegations of non-transparency in the bidding for Sataym, wondering if a person from space should be brought to satisfy the industrialist.

business Updated: Mar 30, 2009 20:02 IST

Corporate Affairs Minister Prem Chand Gupta today ridiculed B K Modi-led Spice Corporation's allegations of non-transparency in the bidding for Sataym, wondering if a person from space should be brought to satisfy the industrialist.

"What do we say... The whole thing is being supervised by the retired chief justice of India...I don't know (if) we have to get a person from space to satisfy persons like him (Modi)," Gupta told journalists when asked about Spice's allegations.

Last week, Spice Corp withdrew from the bidding process to acquire majority stake in the scam-hit Satyam Computer, alleging, among other things, lack of transparency and openness and proper selection criterion.

"We are unable to participate in the process for the moment...We feel that the process is not in line with the Company Law Board guidelines, so we are withdrawing," Preeti Malhotra, Executive Director, Spice Innovative Technology, an SPV floated by Spice to bid for Satyam had told the media.

Spice also wanted names of other short-listed bidders to be made public.

While Satyam Chairman Kiran Karnik had declined to comment on the bidding process in wake of Modi's allegations, company official said the bidding process would not be altered to suit any particular bidder.