Board meeting ends tamely for want of cue

The Satyam board, which met at Hyderabad on Thursday, could not carry out much business as it is awaiting a response from the Company Law Board, according to sources in the company, reports Ashok Das.

The Satyam board, which met at Hyderabad on Thursday, could not carry out much business as it is awaiting a response from the Company Law Board, according to sources in the company.

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The company had sent its proposal regarding the sale of stake in the company to CLB on Tuesday. It had hoped to get a response before the board meeting, but as that has not happened, the board meeting was bootless, officials said.

Some of the board members left early, while those who stayed back, are learnt to have discussed various issues including the reservations expressed by few potential bidders about the company’s valuation in the absence of the profit and loss accounts. The board is likely to meet next week.

A Satyam spokesperson said the company had decided not to issue a statement after the meeting. “We will revert to you if there is anything,” he said.