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How Tech Mahindra won the Satyam bid
April 13, 2009
The Satyam board selected Tech Mahindra through a global competitive bidding process launched by the Company on March 9, 2009, which was designed in accordance with the orders of the Company Law Board, approved by the Securities Exchange Board of India and conducted under the supervision of Justice Bharucha.
Pursuant to the bidding process, on April 13, 2009, bidders submitted their technical and financial bids. The Board under the supervision of Justice Bharucha first evaluated technical bids based on predetermined criteria submitted by three bidders, previously notified to the bidders.
The technical criteria covered information on the bidder, its promoters' (if any) and persons acting in concert. The technical criteria included:
Corporate governance and management track record;
Corporate behaviour record, including corporate social responsibility policies and information pertaining to past conduct in companies managed by the bidder;
Organizational ability and experience in owning, operating and managing information technology companies, global companies of the scale and scope of the company and distressed companies;
Track record in managing distressed companies;
Revenues and profitability from Indian and overseas operations; and
Strategic plan for the company.
Image: Media stand outside the headquarters of Satyam Computer, the country's fourth-largest software company. | Photograph: Krishnendu Halder/Reuters
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