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Spice cries foul over Satyam-Tech Mah deal, to go to CLB

This article was posted on Apr 16, 2009 and is filed under Press Releases

Industrialist BK Modi’s Spice Group, which pulled out of the race to acquire scam-tainted Satyam Computer Services, plans to approach the Company Law Board over the Satyam-Tech Mahindra deal. Tech Mahindra was the highest bidder for Satyam at Rs 58 per share when the final stage of the bid process ended on April 13, thus standing to pick up controlling stake in the beleaguered company.

Spice Group opted not to bid for Satyam citing lack of transparency in the multi-layered bid process as the reason. “We have had a problem with the whole process because from day one we said they (the Satyam board) should disclose the name of the [other] bidders,” Modi said. “We now understand that they didn’t disclose the name because there was one director who is common between both Tech Mahindra and Satyam board.”

Modi added that the company would be writing to Justice SP Bharucha, who oversaw the bid process. “The copy of the letter will go to the CLB. It’s for CLB now to take action. However, since this is election time, we don’t know if it will be active but we will be writing to them.”

source: moneycontrol

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