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Satyam wants permission to sell itself
Fears loss of clients
Troubled Indian outsourcer Satyam has warned has asked Company Law Board if it can flog itself off to the highest bidder.
The outfit said it could start losing customers if it can't sort itself out quickly and move on from the recent fraud scandal that stuck its chairman Ramalingam Raju behind bars. The board has appointed Goldman Sachs and Avendus, an Indian investment bank, to seek a buyer for Satyam.
Many potential buyers have approached Satyam, but the outfit wants to devise a plan which provides for transparent, open and competitive process for continued operation of the company in the interests of its all shareholders.
Satyam is suffering because it has little cash or credibility and a quick sale by auction would sort it out, the company said.