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The suitors seeking to take over the scam-hit Satyam Computers will not be able to go through the restated financial statement or the  third quarter results prior to the bidding, a senior company official said.

“Obviously… (the bidders would not be able to see them as these documents would not be prepared by then). Considering the nature and extent of the fraud, it will take quite some time to make them. The bidders will have to go by their judgement of the company and its intrinsic value and they all know what is the position of the company,” Satyam Chairman Kiran Karnik said.

He said with market regulator SEBI amending the takeover Code, this move will help the company to move quickly on the sale process.

Satyam’s investment bankers — Goldman Sachs and Avendus– are preparing the bidding norms for suitors and are learnt to have stressed on the credential of promoters and details of their other businesses, if any, to avoid a similar situation which Satyam found itself in after its founder and Chairman B Ramalinga Raju disclosed fudging the company’s accounts on January 7.

The other criteria, sources said, could be the experience of the suitor in running large scale businesses (the suitor though need not be an IT company), audited revenue for the last seven years and their networth.

When asked about the likely criteria, Karnik did not give details on the norms but said, “The norms will be in line with what SEBI has sought in the amendment, like transparent, open, and competitive process and no favour to any particular acquirer.

“But on the larger side, obviously, the Satyam promoter’s fudging (of company accounts) will have a bearing on the norms to ensure such things do not happen again.”

“We are finalising the steps and when we approach SEBI we cannot give a give timeline,” Karnik said.

Sources said Goldman Sachs and Avendus are against fresh issue of equity to the prospective owner. A preferential allotment of equity by Satyam could be one of the options to a strategic buyer.

A preferential issue is an issuance of equity shares to the promoter group or selected investors. It covers fully convertible debentures, partly convertible debentures or any other financial instruments that could be converted into equity shares at a later date.

Satyam’s suitors include engineering firm L&T, BK Modi- promoted Spice Corp, Tech Mahindra and iGate, among others. The Hindujas have also confirmed their interest in the software firm.

Satyam shares closed at Rs 46.30 on the Bombay Stock Exchange on Friday.

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