The Satyam board will meet in Hyderabad on Saturday to review various matters, including further funding options and sale process, a highly placed source said.
The board is also likely to get an update from its investment bankers--Goldman Sachs and Avendus--on potential acquirers, the source said.
"The board will review the progress of steps already taken. It is still in talks with various financial institutions to explore further options of funding. It would also discuss the road-map ahead, including the sale process," the source told PTI here today.
Satyam had recently secured Rs 600 crore of loans from IDBI Bank and Bank of Baroda and is understood to be in discussions with more financiers such as Life Insurance Corporation of India for further funding.
The board is of the view that Sebi's recent amendments to the takeover regulations "is a good step and will facilitate the process (of selling the company)".
However, it is unlikely to invite bids until accounts are restated to that level of accuracy enough to convince bidders of the actual value of Satyam, the source said. Also, the highest bidder may not necessarily emerge as the winner in the bidding process unless it qualifies on various yardsticks -- capability to run the company, commitment and good corporate governance standards, the source said.
"All that I can say is that money will not be the only yardstick (while deciding the bidder)," the source said.
Satyam's board would also review the efficiency of the company's top management and is determined to avert any exodus of its talent pool, the source said.
Within the last week, two top executives of the company-- Manufacturing and Automotive Head, Subu D Subramanian and Senior Vice-President, Financial Services Vertical, Anil Kumar, had put in their papers.
Satyam plunged into a crisis after its founder Ramalinga Raju resigned admitting to gross irregularities in the company's financials since 2002.
The Government scrapped the old board of Satyam Computer and reconstituted it with eminent personalities such as HDFC Chairman Deepak Parekh, former Sebi member, C Achuthan and former Nasscom Chief, Kiran Karnik.
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