Catalyzing the process of finding a suitable strategic partner, Satyam Computer Services Ltd, on Friday (13th March) said that, it has received adequate response from both Indian and international bidders including private equity firms. The process of registration of bidders was ended on Thursday (12th March). At its meeting on Friday (13th March), Satyam's board of directors said that, it had taken steps to release the request for proposals (RFPs) to all registered bidders.

 

A press release issued by Satyam Board said that, the board had requested former Chief Justice of India, S P Bharucha, to oversee the selection process, to which he has agreed. Earlier, it was announced that, the board would get a retired justice or chief justice of the Supreme Court to oversee and guide the board throughout the selection process.

 

Under the procedure finalized by the board, the expression of interest (EOI) from interested bidders along with proof of funds of Rs 1,500 crore is expected to be received by March 20, 2009. The press release also said that, bidders who have submitted compliant EOIs and executed certain pre-transaction documents will have access to data and information regarding the Company to enable them to submit technical and financial bids.