L&T to take decision on bidding after studying CLB order: Naik
Larsen and Toubro today said it would soon take a decision on bidding for Satyam Computer Services after studying the CLB order.business Updated: Feb 21, 2009 00:21 IST
Larsen and Toubro on Friday said it would soon take a decision on bidding for Satyam Computer Services after studying the CLB order.
“(The) CLB order has come only at night, we are studying it. We hope to complete it (the study) by tonight and we will take a decision over the days,” Larsen and Toubro Chairman A M Naik said.
on Thursday, the Company Law Board allowed the distressed IT firm to conduct a public auction for inducting a strategic investor and to raise its equity base, after hearing a petition filed by Satyam.
The CLB also authorised the company’s government-appointed board for making allotment of preferential shares and raise its equity capital by 75 per cent from Rs 160 crore to Rs 280 crore.