Feasibility of Satyam sale in question

11 March 2009

Feasibility of Satyam sale in question

Doubts are emerging over the feasibility of the proposed sale of disgraced Indian technology giant Satyam Computer Services after it invited bids from companies interested in taking a majority stake.

The director of independent consultancy Mindfields, Mohit Sharma, claimed the acquisition process had been set up to fail, as bidders would have access Satyam’s restated accounts for the last three years once they had been shortlisted as potential buyers. A lack of clarity around the enormous liabilities tied to the company as a result of US class action suits and problems in assessing the true worth of Satyam made a sale highly unlikely, he said.

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