Mumbai: Fraud-hit Satyam Computer Services said on Thursday it has modified the bidding process for a controlling stake to rank qualified bidders whose technical bids are satisfactory on price only.
If there was no bid which was at least 90 per cent of the highest bid, then the top bidder will be declared successful, it said in a statement.
Otherwise the highest bid would be the floor price for an open auction to decide the successful bidder, it said.
The mechanism for conduct of the open auction will be notified to the bidders separately, Satyam said.
A government appointed board is trying to sell control of the firm, which was plunged into crisis in January after its founder and chairman Ramalinga Raju said profits had been overstated for years and assets falsified.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.