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INFO-TECH: E-auction will give Satyam needed liquidity: B.K. Modi.
from BUSINESS LINE, February 14, 2009 Hyderabad, Feb. 13 - With SEBI announcing takeover norms to facilitate finding suitors for Satyam-like companies, Mr B.K. Modi, Chief of the Spice group, has said that buying of shares in the open market will be of no use to revive Satyam Computer Services.
"Who will benefit if one buys shares in the open market? Will that help the company solve its immediate liquidity concerns? If the company has no money, it will go (in) for liquidation," he said.
"We have suggested that the board should go for an e-auction of shares, freshly issued. This will result in infusion of fresh financial resources that will help the company …
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