Indian companies such as Spice Group and Tech Mahindra said on Friday (20th March) that, they were in the race for securing majority of stakes in fraud-hit Satyam Computer Services. But US based IT company iGate Corp said that, it would not proceed in the process as the deadline has passed. On the other hand, engineering firm Larsen & Toubro who registered last week, had not said whether they submitted their required expressions of interest (EOI) in a 51 percent stake in the outsourcing firm by Friday evening.

 

On Friday (20th March), a meeting of the Satyam's government-appointed board was to be held which was extended to Saturday (21st March). In this meeting the stake sale was expected to have been discussed. However, a spokeswoman declined to comment on the agenda of the meeting. Last week some potential bidders has registered themselves with Satyam's selling process.

 

To stay in the race the registered bidders required to submit a detailed EOI and show availability of at least 15 billion rupees ($300 million) by Friday (20th March) evening. Earlier, Satyam's board had said that from this list, it would shortlist candidates, who would be given access to certain business, finance and legal materials before submitting a bid for the firm.