The board of Satyam Computer Services Ltd, has decided to appoint three investment banks to find the potential buyers. After the worst hit Indian corporate fiasco, Goldman Sachs, JPMorgan and Deutsche Bank are the banks being considered to find the suitable buyers of Satyam.

The new six member boar.d is likely to talk to the overseas client to control the damage already done. The client list includes GE, Scotia Bank, Amex, Fidelity, Citigroup and Bank of America amongst the others. A smart move was seen when the board members decided to personally talk to these major clients. In addition to this, weekly board meetings and directors spending time on the Satyam campus are some of the measures on their agenda. Hope this move calms and reassures the employees in this already insecure economic environment.

Satyam, which was No. 4 software service exporter has a Herculean task before itself. Although the investors final consent would be required, a merger or a buyout could be an attractive alternative. The bankers are of the view that considering a government bailout is a tough option to consider in India.

Reports of the board considering more than one investment bank for transparency in the valuation and to ensure it diligence is indeed a wise option in the wake of such a scandal.

Via: Yahoo