Satyam seeks new buyer

The board was meeting to discuss 'induction of a strategic partner and how much time is required to finalise the bidding process', Satyam chairman Kiran Karnik said.

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NEW DELHI - The board of India's Satyam Computer Services met on Saturday to discuss finding a buyer for the fraud-hit outsourcing giant which has warned its survival is at risk unless it gets new funding.

The meeting of the government-appointed board came after the Company Law Board earlier this week approved Satyam's request to find a strategic investor with enough funds to guarantee the future of the struggling company.

The board was meeting to discuss 'induction of a strategic partner and how much time is required to finalise the bidding process', Satyam chairman Kiran Karnik said.

At least four suitors, including engineering giant Larsen and Toubro, which already holds 12 per cent of Satyam, and Spice Corp, part of Indian tycoon B.K. Modi's New Delhi-based holding company, have voiced interest in taking a controlling stake in India's fourth-largest software services exporter.

Satyam's founder B. Ramalinga Raju left the company in turmoil when he declared in early January he inflated its balance sheet by more than one billion dollars and had falsified its profits for years.