Hindujas out, L&T, Tech Mahindra, Spice in

The Hindujas have backed out, while the Spice Group, Larsen & Toubro and Tech Mahindra have formally registered for the auction process to acquire 51 per cent in fraud-mauled Satyam Computer Services.

The Hindujas have backed out, while the Spice Group, Larsen & Toubro and Tech Mahindra have formally registered for the auction process to acquire 51 per cent in fraud-mauled Satyam Computer Services. With bidders worried on liabilities they might incur, Satyam’s shares dipped 3.2 per cent to Rs 47.2 on Thursday.

HT Image

Hinduja Group’s chief financial officer Prabal Banerjee told Hindustan Times said he would not comment on why his group opted out.

A former Chief Justice of India or a former Supreme Court judge appointed by the Board will oversee the selection process.

Registering with Satyam at this stage does not mandate companies to participate in the final bidding process.

In the absence of any authentic information on the company’s financial and legal status, the process of valuation would be difficult for the bidders. “Due diligence would be key,” said a source close to the development.