New Delhi, Jan. 29 As many as six to seven companies – including global and Indian entities and PE firms – are interested in completely buying out the scam-stung Satyam Computer Services. This includes Spice Corporation, which confirmed that it had thrown its hat in the ring for a majority stake.

“The impression that we have, informally and through public announcements, is that about half a dozen companies are interested…While so far we are aware of four, we have also heard that there is interest from another two or three ,” Satyam board member Mr Tarun Das said.

In a late evening development, the Chairman of Spice Group, Mr B.K. Modi, confirmed that Spice Innovation is interested in acquiring 51 per cent stake in Satyam. Speaking to Business Line, he said, “We have already put in a formal bid.” Explaining the rationale behind the move, he said “they are also in the same line of business… our board had decided to look at Satyam even before the financial fraud came into light.”

L&T had also recently hiked its stake in the Hyderabad-based IT services company to 12 per cent from four per cent, sparking-off speculations that it may be eyeing a takeover. Other names including that of Tech Mahindra have been doing the rounds in industry circles.

Meanwhile, in a significant move, the Company Law Board (CLB) has granted legal immunity to the recently constituted Board of Satyam, from the offences committed by the past management. In an order passed today, the CLB restrained the Provident Fund authorities from initiating any legal action against the present directors of Satyam, for defaults committed by the suspended management of the company.

The CLB Chairman, Mr S Balasubramanian, in an order, said that, “to ensure that the present Board of Directors discharges its function without any apprehension of being subjected to civil, criminal and punitive action, I direct that none of the State or Central Government agencies shall, in exercise of their regulatory, enforcement or like such powers, initiate any action, civil, criminal, punitive, coercive against the present directors in discharge of their collective or individual responsibilities, without the prior leave of this Board.”

The order further said that the direction is applicable to “all the functionaries who have been or are likely to be appointed by the present board.”

This order will put to rest all apprehensions of the existing Board members as well as those who are being tipped to become CEO and CFO.

Further, the current Board of Satyam was also authorised by CLB to raise finances in the form of loans or otherwise and also to mortgage, charge and encumber any of the movable and immovable assets of the company, including providing them as securities.

source: thehindubusinessline

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