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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Third bidder joins race for Satyam AFP - Sunday, March 22 NEW DELHI (AFP) - - The board of India's Satyam Computer Services met Saturday to review a list of bidders for the fraud-hit outsourcer as a third company announced it had joined the race. ADVERTISEMENT Potential bidders had until late Friday to show they had at least 15 billion rupees (300 million dollars) to back up their interest in the software services export giant whose finances were left in shambles by its founder. Indian engineering giant Larsen & Toubro said it had shown proof of sufficient resources to pursue its bid after tycoon B.K. Modi's Spice Group and telecom software firm Tech Mahindra Ltd (TML) made similar statements. Larsen & Toubro has already built up a 12 percent stake in Satyam and is seen as a front-runner for a 51 percent stake. Satyam is battling to pay wages since founder B. Ramalinga Raju declared in January he inflated the balance sheet by more than a billion dollars and exaggerated profits. A Satyam spokeswoman would not comment on whether there were more bidders in addition to the three firms to have announced their interest. Media reports said international information technology heavyweights such as IBM may have registered their interest through third-party law firms or private equity ventures but this could not be immediately confirmed. The government-appointed board, which has said it hopes to wrap up the sale within the next couple of months, met Saturday to scrutinise the bids. "The process of short-listing will continue beyond Saturday but that will be pretty much done by investment bankers and they will continue to look to finish as soon as possible," a Satyam spokeswoman told AFP. A shortlist was expected to be completed by March 25. Those accepted would be given "access to certain business, financial and legal diligence materials," the company said. The bidding will be unusual in that Satyam cannot provide many figures needed for bidders to conduct normal due diligence on the accounts as they are still with auditors. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Technology Third bidder joins race for SatyamAFP - Sunday, March 22 Google removes street images over privacy complaintsAFP - Saturday, March 21 iPhone porn goes 3DAFP - Saturday, March 21 Software lobby seeks greater role in U.S. securityReuters - Saturday, March 21 Robot brings hope to kids with learning difficultiesAFP - Saturday, March 21 Most Popular – Technology Viewed Madoff loses bail appeal as victims' rage revealed Actress Natasha Richardson dies after ski accident Obama budget deficit could hit 1.845 trln dlrs Arrest warrant issued for Lindsay Lohan Global warming leaving its mark on polar bears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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