Prospective bidders meet Satyam board to seek clarification on liability position
With the liability position of the deceit-ridden IT company, the Hyderabad-based Satyam Computer Services, looming large on the minds of the prospective bidders, at least three such bidders - L&T CFO YM Deosthalee and director JP Nayak; and Tech Mahindra CEO Vineet Nayyar and president CP Gurnani - separately met the Satyam board on Friday, seeking clarifications on certain issues before their go-ahead with the financial bids.
According to a top company official aware of the proceedings, the Satyam board would be conceding to the bidders' requests, pertaining to the most recent 'top-line position and cancellations among other things.' The company is expected to provide to the bidders more company-specific information, which would include financial data up to February 2009.
The unnamed official said: "The board has already shared the information up to December and January, but some players want the February numbers. This is because Raju's confession and the chain of events unfurled in January itself, and so they want to know the position as on February."
With the scheduled deadline of April 30 for selecting a successful bidder - for as much as a 51 percent stake - Satyam might likely announce the identity of the bidders on Saturday. Satyam board member, the HDFC chairman Deepak Parekh said: "The company will announce something big on Saturday."