L&T and Spice Group have emerged as front runners among seven other players for acquiring 51 per cent stake in the tainted Satyam Computer Services.

The company has been in limelight following the disclosure of largest ever corporate auditing fraud by its founder chief B Ramalinga Raju and other top executives of the Indian outsourcer.

Tech Mahindra and three other Private Equity firms are also reportedly short listed by government appointed board of company for the final bidding process. The board is likely to dispatch letters to short listed firms within a couple of days as per some unofficial sources.

Meanwhile, Spice Group, BK Modi confirmed that his company has cleared second stage and expressed ignorance about other short listed firms who put their expression of interest last Friday. He said that the emphasis should be given to bring transparency in the selection process, demanding exercise of the e-auction.

He hoped that the government appointed Satyam's Board would soon resolve the transparency issue, indispensable for the successful and fare bidding process.