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."

Meanwhile, Spice Corporation has appointed Enam Securities as its investment banker and Gibson, Dunn & Crutcher LLP as its legal advisers to complete buy out process.

The team would take up the matter with SEBI and Satyam's Board on Monday, conveying its intentions to acquire stake in Satyam through an auction process. It is to be noted that many other companies including largest diversified business group of India, Hindujas, M&M, Engineering and construction major Larsen & Toubro, Tech Mahindra and Essar are also in the race to acquire stake in Satyam after the disclosure of largest ever corporate fraud done by its disgraced chief B Ramalinga Raju and top executives.

An official of Hinduja group said, "We are waiting for some clarity on the issue, like what are the company's financials, including losses and debts."