Monday, March 2, 2009

Globalized solutions for a sick company

We all love Satyam and would hate to see it fact this chain is credited with the starting of the "cybercafe revolution"..

In this globalized world, such mergers are welcome. I wonder when the Foreign Print Media is'll really add a "zing" to thingzz..


The Hindu Business Line

"Our Bureau
Hyderabad, March 1 Bidding for Satyam Computer Services will not just be restricted to domestic companies but will also be open to international companies.
“International competitive bidding will be followed and anybody can bid for the company subject to the procedure being laid out by the board members of Satyam,” Mr Prem Chand Gupta, Union Minister for Corporate Affairs, told mediapersons on the sidelines of a programme here on Sunday.
He added that the Government would like that there be a healthy and transparent competition among all the bidders.
The Minister also said that the process of calling for bids to find a strategic investor for Satyam is the work of the company’s board.
“The board has appointed advisors and is discussing the procedure. The Government’s desire is only that the whole process be done in a transparent method keeping in mind the interest of the employees, shareholders and clients,” Mr Gupta added.
He said that the process of finding a strategic investor will not take too long and though it was difficult to exactly pinpoint the timeframe, a decision is likely to be taken on the subject in the few next weeks.
Mr Gupta was here to lay the foundation stone for a new building of his Ministry on the city outskirts. The Corporate Bhawan with an office space of 45,000 sq ft will house the offices of the Registrar of Companies, Official Liquidator, the National Company Law Tribunal, among others.
The premises is being constructed as part of the upgradation of the existing infrastructure of the Ministry in various parts of the country and will be completed at a cost of Rs 20 crore.Maytas issue
Speaking on Maytas argument that the Ministry need not supersede its board, Mr Gupta said that the Company Law Board was a quasi-judicial authority and they were the best judge of the judicial process and, “we will honour whatever they decide”.
“The move to supersede the board of Maytas was based on the interim report of the Serious Fraud Investigation Office (SFIO),” he added.
The Company Law Board (CLB) on Friday said that it would appoint four more directors including a Chairman on the board of Maytas Infra Ltd. This follows Maytas Infra accepting the CLB suggestion made at the hearing for inducting more directors on the company."

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