'Either speed up auction process or liquidate'

Written by: Super Admin
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New Delhi, Mar 2: NRI industrialist BK Modi of Modi Group on Sunday, Mar 1 warned that Satyam Computers will have to be liquidated if the board of directors of Satyam Computers will not speed up the process of selecting a strategic partner for the company.

Asking the Board members to follow the directions of Company Law Board (CLB) and SEBI's directions as they have cleared the sale of shares in Satyam as a special case to save the company. He frowned that holding talks for fixing a reserve price (as demanded by some) is nothing but tactics to delay.

Modi is a potential bidder and has held talks with the lawyers in US on the course of litigation relating to Satyam in the North American country.

“We are also talking to clients in the USA and in other parts of the world like Malaysia... Most of them are concerned about the future of the company. They have indicated that they will wait till March this year and then decide on whether to remain with Satyam or not," he said.

Besides the Modi group, domestic engineering major L&T and the Hinduja group are also interested in acquiring Satyam.

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