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.