20 Mar 2009, ET Bureau
HYDERABAD: Board members of India's beleaguered Satyam Computer Services are meeting today in Hyderabad for evaluating takeover bids from potential investors apart from assessing the company’s actual financial health based on inputs from newly-appointed audit firms KPMG and Deloitte.
The global audit firms will be making a presentation on Satyam’s revenues and other financial information based upon the investigation carried out by them over past few weeks. Potential bidders such as Tech Mahindra, L&T, Spice and iGate, apart from several other companies including IBM are expected to decide their bids based on whatever information is provided to them after the board meeting on Friday.
The Satyam board is also expected to provide an update on the customer exits and employee attrition. Around 46 customers including State Farm Insurance and Telstra have either snapped ties with Satyam or are in the process of shifting to rival tech firms such as TCS, Wipro and IBM that would impact future revenue streams. On its part, the company said it had bagged orders and work extensions aggregating to $ 250 million over the last two months.
Board members of Satyam include Deepak S. Parekh, Kiran Karnik, C Achuthan, TN Manoharan, Tarun Das and S Balakrishna Mainak.
As reported by ET on Thursday, the scandal-hit Satyam is set to lower its reported revenues over the last seven years by at least 10-15%, according to preliminary estimates.
Tech Mahindra has already lined up around Rs 1500 crore required to make a bid for Satyam from several banks.
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