B K Modi-controlled Spice Group expedites process to buy 51 per cent stake, most probably through fresh equity, in the beleaguered Satyam Computer Services. Spice Group is sending a team, comprising top executives of company, to discuss auction process with the Security and Exchange Board of India (SEBI).

Spice Corporation Chairman B K Modi said, "We have firmed up our plans to acquire a majority stake in Satyam and a team from the group will meet Sebi officials on Monday to discuss the issue."

The largest engineering company of country, Larsen & Toubro (L&T) bought 7.56 per cent more stake in beleaguered Satyam Computer Services and increased its stake to 12 per cent on Friday. It bought 1.18 crore shares at a price of Rs 35.07 per share through open market.

A Hyderabad court will take up Satyam case and hear the arguments of disgraced Satyam chief B Ramalinga Raju to provide him bail in connection with corporate audit fraud worth Rs 7,000-crore.

Raju along with his brother and CFO of company, Vadlamani Sriniva filed a petition in court to grant them bail as they are fully co-operating in the investigations.

Police is expected to counter the bail petition and ask for their judicial remand.

The court would also hear the petitions filed by Security and Exchange Board of India and Criminal Investigation Department on the same day.

One of the new directors of Satyam Computer appointed by the government, Kiran Karnik has expressed concerns over actual financial liability of beleaguered IT giant.

He said that it is difficult to arrange loans under current scenario and it will be difficult for the company to manage the expenses.

While speaking to NDTV, he said that the company has great talent pool which is able to restore its position in the market. The board of directors is working on various measures to get financial aid and to re-build confidence of investors and employees.

Government is likely to announce a special bailout package for beleaguered IT giant, Satyam Computers Services in few days.

The new Board of the company has reported that the IT major is not having enough of funds for salary pay outs and future of its 53,000 employees is hanging in dark.

Government has already appointed a board of experts who are working on many ideas to restore the image of Satyam Computer Services.

Government may announce bail out package for beleaguered IT giant, Satyam Computer services for salary payout and to avoid large scale lay-offs. The company has 53,000 employees engaged in its various operations and their future is hanging in dark following revelation of largest ever corporate fraud in Indian history by its Chairman, Mr. R. Raju and other executives.