Satyam May Invite Bid Proposals By Weekend – Chairman

24 February, 2009

The board of fraud-hit Satyam Computer Services Ltd hopes to seek expression of interest from potential bidders by the end of this week, its chairman said on Tuesday.

“We hope to send something out by end of this week,” Kiran Karnik told Reuters in a phone interview, adding the board may need to take regulatory approval before doing so.

The government-appointed board of Satyam will meet at its headquarters in the southern city of Hyderabad on Thursday, he said.

Karnik said Satyam had lost three or four important clients since Jan. 7 when its founder chairman resigned after disclosing that profits had been overstated for years at the New York-listed outsourcing firm in India’s biggest corporate scandal.

“In the last few weeks we have seen great stability but yes we have in the last six or seven weeks lost three or four important customers,” he said. “Business looks good after the initial reaction which was somewhat panicky but understandable.”


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Satyam May Invite Bid Proposals By Weekend – Chairman

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