Spice may pull out from Satyam bidding

Posted By: Staff
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New Delhi, Mar 26: The Board of Spice Corp may withdraw from Satyam bidding process. The Spice board which met on Wednesday, Mar 25 night said it is in the process of taking a call whether to go ahead with the bidding for Satyam or not. Reason: Lack of transparency.

"We have the letter. It's not very positive, so we may be withdrawing," BK Modi said of Satyam's response to Spice's request to make the bidding process more transparent.

Modi alleged that there was no transparency in the entire process. "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.

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.

OneIndia News

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