New Delhi (PTI): B K Modi's Spice Group on Wednesday said it may pull out of the bidding process to buy Satyam Computer, alleging lack of transparency from the board. "We feel there is no openness and transparency... The Satyam board is now talking about another shortlisting of bidders. We do not even know who are the bidders in the first short-listing... there is no e-auction also which was our main issue to maintain transparency," Spice Group chairman B K Modi told PTI.
When contacted, Satyam chairman Kiran Karnik said: "We can not comment anything on the bidding process. The due diligence of Satyam has started and will be open till April 4, according to one of the shortlisted bidders. The financial bids are likely to be called by April 9.
Modi said e-auction would have been a better option as it would have done away with human intervention. But they have not done that.
He said the board of Spice would meet on Wednesday night to take a call on whether to go ahead or not. "We are not satisfied with these kinds of developments. We have asked the board to share the CBI investigation details with us and other legal problems that are now part of Satyam. But no information is coming forth." Satyam shares were down 3.11 per cent at Rs 40.50.
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