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By | John Oates 13th March 2009 14:52

Satyam board mulls buyers shortlist

Several bidders for buggered outsourcer

Satyam's government-appointed board of directors met today to look at bids received for the company - the deadline for registering interest was last night.

Directors have appointed former Chief Justice of India SP Bharucha to oversee the process. Interested bidders have until next Friday to provide proof of funds totalling at least $290m.

Once these documents are received, along with some other pre-transaction documents, bidders will get access to more financial and technical information from Satyam.

The worry for would-be buyers is that the true state of Satyam's finances is still far from clear - the firm is in the midst of restating results after company founder Ramalinga Raju admitted massively inflating the company's results.

Two auditors from PwC are still in prison, as are the Raju brothers, as police investigate the fraud.

AS Murty, Satyam's chief executive, briefed the board on his recent trips to Singapore and Australia to meet customers, he is also going to the US to visit customers and Satyam staff.

Indian reports have named Spice Group, Tech Mahindra and iGate as possible bidders alongside Larsen & Toubro, which already has a substantial stake in Satyam.

Satyam's full statement is here. ®

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