'US lawsuits to bleed Satyam by $440-$840 mn'

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Satyam Building
Mumbai, Mar 12: A liability of between $440 million and $840 million could be created from the US law suits filed against the fraud-hit Satyam Computers, a newspaper said in a report on Thursday, Mar 12, quoting a potential bidder for the outsourcer.

The Spice Group legal advisers Gibson, Dunn & Crutcher LLP have confirmed this, the newspaper quoted Spice Group Chairman, BK Modi as saying.

The bidding process for Satyam will begin on Monday, Mar 16 to sell the 51 per cent stake. The bidders need to register by Thursday, Mar 12.

Spice Group is interested in Satyam and plans to register with the outsourcer on Thursday, Mar 12.

Bidders will be asked to submit a detailed expression of interest and show availability of at least Rs 15 billion ($291 million) by Friday, Mar 20.

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