"SATYAM SAGA"

Thanks to 'Theman' for his view.



Satyam ADR is up by 7.22%% ($1.8+0.13 = $1.93) on NYSE as of 2123Hours. The Board will go for auction if the difference between the highest bidder and the next is 10% or less. Else, the bid will go to the highest bidder. In case of auction, the floor price will be that quoted by the highest bidder by one report and,the next offer by another report. Tomorrow, Deepak Parekh has said, an update on the bidding process will be made public. Karnik has asserted, the Board is committed to complete the bidding process as per the time frame and that, due diligence is not over yet. 6 bidders are supposed to be in the fray, after dropping out of Spice and iGate, including L&T, KKR and WL Ross. The bidders cannot be expected to make public their participation in the bid lest the price of the scrip shoots up @ 20% a day. Today, KKR was spotted at the Taj, B`bay and, it is speculated that KKR had a meeting with L&T. The financial bids are to be submitted by 9th April and, by mid-April, the bidding is expected to be completed, ie, well before the 30th. The price will be the only criterion since the screening has already been effected. This implies that WL Ross, KKR and IBM cannot be prevented from getting through any more. And, if it really happens so, they will get the Rajus to disgorge all the misappropriations, benami or otherwise, despite politicians. After all, the money so siphoned hasn`t exactly evaporated. It is very much there, in the form of, well, real estate. Various newspapers have reported that Satyam has become cash surplus by ~600 Crore and, after discounting ~400 Crore that are lying unutilized after having borrowed 600 Crore, the nett cash surplus works out to 200 Crore. The desertion of staff in f/o BoA et al cannot be but a blessing in disguise. Thus, the leaner Satyam with its unique business model can well be expected to be a true blue corporate. How is that for Monday? But you never know what the cynics and the chickenhearts will be up to. Still, 20% U/C should not come exactly as a surprise in the conspectus of the situation summarized above....