BK Modi of Spice Group stated that he has been in touch with the Satyam board, who he claims is keen to have him on board.Modi said he was in talks with lawyers in the US to evolve a legal strategy to buy Satyam and added that he was preparing a detailed roadmap to put the Satyam back on track. The 51% control Modi believes is imperative in order to deal with class action suits filed against the company.
Spice Group had joined the fray to buy Satyam along with L&T and Tech Mahindra amongst others.
The Satyam Board, on February 21 decided to allow a strategic investor to buy up to 31% equity through a preferential allotment and an additional 20% through a mandatory open offer. The Company Law Board (CLB), last week had permitted the besieged company to raise its authorised capital to Rs 280 crore from Rs 160 crore, and also allowed it to induct a strategic investor through a competitive auction process.
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