IBM pulls out from Satyam bidding

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New Delhi, Mar 26: A day after Spice board withdrew from Satyam bidding process another major bidder IBM revealed that they are not interested in bidding.

The new board of Satyam are looking for buyers potential buyers as Satyam is battling to pay wages since founder B Ramalinga Raju declared in Jan he inflated the balance sheet by more than a billion dollars and exaggerated profits.

International Business Machines Corp (IBM) was among about eight bidders shortlisted by Satyam's government-appointed board, reported Economic Times.

However, IBM denied to comment on the issue.

According to analysts any new buyer will likely face legal liabilities from angry Satyam shareholders.

Spice chief BK Modi alleged that there was no transparency in the entire process of bidding. "We wanted transparency, which we have not got. We don't know who the other bidders are. There is no understanding of (a) clear-cut auction process," Modi told to a news agency.

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