Spice Corp pulls out of Satyam race on transparency issues
Spice Corp said it has pulled out of Satyam race for the moment due to certain transparency concerns. “We are unable to participate further in the bid due to some concerns and we would rather favour an open bid process.”
Earlier, Spice Corp had sent letters to the Satyam board expressing concerns. The (Spice) group had sent missives to Satyam board that asked the board to consider an auction for Satyam and for more transparency. The letters also raised issues of auction and disclosure of bidders for Satyam.
Commenting on the same, Preeti Malhotra, Co-Secretary of Spice Group said despite clear directions from the Company Law Board (CLB), the process doesn’t appear to meet the requirements of being open and transparent.
“We are unable to participate further in the bid, however if the process of the company will be consistent as per the CLB’s directives, we would then definitely like to participate in the bidding process.”