Indian IT major, Satyam Computer Services Ltd has hoped to finalize its buyer by April 30 for its 51 percent stake in the company. After months of being under the scanner for the fraud case, the biggest scam in Indian corporate history, Satyam Computers have finally found some bidders. 

The potential bidders as for now are Larsen & Turbo, Tech Mahindra and Spice Group. The takeover transaction has many terms and conditions. The buyer’s shareholdings would have a lock in period of 3 years. The buyer will also not be allowed to sell any assets of the company for the next two years without the approval of the shareholders. The buyer also has to retain the 100 key staffs for next one year, and cannot stop from continuing the main business of the outsourcer. Cooperation with the investigative agencies for investigating the fraud case and cooperation with the regulators is another agreement.

Satyam’s spokesperson said that those bidders who had submitted their detailed report of interest by March 20 will hear from them soon. The shortlisted potential bidders will be invited for the bidding.