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Satyam investor likely in 3 wks; restatement by March

This article was posted on Feb 24, 2009 and is filed under Press Releases

Satyam Computer Services is likely to complete bidding process to rope in a strategic investor in the next three weeks and complete restatement of accounts by end-March, a top source said.”In the next three weeks, we will have a very clear picture about the strategic investor. We expect to conclude the bidding process in three weeks from now,” the source closely connected with the development told PTI here today.

The IT major also expects to complete the restatement of its fudged accounts by March 31, which would considerably help quicken the bidding process, the source said.

Satyam’s next board meeting is to be held this Thursday in Hyderabad.

“Earlier we were expecting the process (restating of accounts) to be completed in 8-9 weeks. The auditors are working day and night and we expect this task to be accomplished by March 31,” the source said.

The board, however, has not decided on the quantum of stake to be divested to the strategic investor. This would be decided after evaluating the bidders on various parameters, the source said.

source: economictimes

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