"We are still in the process (to decide on our participation in the bidding process). We will be able to tell our decision a little later," Spice Corp spokesperson told PTI.

On Wednesday Spice Corp chairman Modi said his company could pull out of the bidding process of Satyam, alleging there was no openness or transparency in the entire exercise.

Modi's transparency terms include e-auction, sharing the names of other short-listed bidders and more clarity in financial and legal liabilities in the bidding process.