Satyam yet to finalise strategic investor norms

The government-appointed board of Satyam Computer Services met here today, but the discussions remained inconclusive and its outcome was not disclosed.

The board, which was exploring all options for inviting a strategic investor, was expected to finalise the guidelines and procedures for preferential allotment of shares and shortlist the potential bidders. However, at the end of its meeting today the board members did not say anything in this regard.

Earlier, Satyam had informed that the guidelines and procedures were discussed by the board and were in the process of applying for the market regulator’s nod. But, as the company’s financial accounts were in question, complexities have cropped up in arranging the induction of a new investor.

Though the intent was to progress in a swift manner, the board was stated to be of the view that the intricacies of diligence and need for confidentiality of the bidders would need due consideration. Thus, it was likely to take another six to eight weeks to know about who would be the strategic investor in the company.