Satyam Board meeting begins
The board of Satyam started its meeting in Hyderabad on Thursday to discuss various issues including the criteria for shortlisting strategic partners.business Updated: Feb 26, 2009 11:57 IST
The board of Satyam started its meeting in Hyderabad on Thursday to discuss various issues including the criteria for shortlisting strategic partners.
The board is likely to take into account the process for stake sale and finalise the norms for inviting expression of interests from interested parties.
It is also likely to discuss as to what extent information with regard to clients and receivables from them could be shared with prospective bidders.
Kiran Karnik, Chairman of the board, had earlier said “the board is likely to announce the details of the process of inviting strategic partners into the company by the end of this week.”
He had further added that “as per the CLB order we will approach SEBI and by the end of this week we expect to make the process public and after that we will invite proposals from the interested parties.”
However, it is not clear whether the board has decided in favour of inducting a strategic minority partner or selling 51 per cent of the company’s equity.