The government-appointed board of the crisis-ridden IT major Satyam Computer Services, which met in Mumbai on Thursday, has started work on formulating guidelines for selecting a buyer for the company.
The company’s chairman Kiran Karnik told us
the board will announce the bidding process in the next seven to ten days. He added that the board is in discussions with market regulator Securties and Exchange Board of India (SEBI) on the issue. It has also sought an exemption on the open offer price.
Meanwhile, minister of corporate affairs PC Gupta claimed that the strategic investor(s) could be a company or a group of companies. Corporate houses like Larsen & Toubro, Tech Mahindra, Spice Group and Hinduja Group have evinced interest in taking over the beleaguered IT company.
This apart, the company’s newly-appointed CEO AS Murthy has urged the employees to adhere to cost-cutting initiatives. The measures include curbing of IP calls and restricting courier services with an approval from the regional manager.