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Spice backing out of race?
After the Hinduja Group and iGate backed out of the race to aquire Satyam Computers Services Ltd, it could now well be the BK Modi-promoted Spice Group.
After the Hinduja Group and iGate backed out of the race to aquire Satyam Computers Services Ltd, it could now well be the BK Modi-promoted Spice Group.
A senior official of Spice Group told Hindustan Times the company is not satisfied with the financial and legal details provided by the government-appointed board of Satyam, and a final decision would be taken after weighing pros and cons.
Group sources said Modi, who was away in Singapore, is rushing back home to discuss the issue. A board meeting is expected to take place late on Wednesday.
The data rooms, pertaining financial and legal information, are yet to be opened for suitors. “But to complete the shortlisting process, we would need to go into non discloure agreements and in case we decide to back out at this stage, we would not have to go for those formalities,” the executive said.
