Troubled Indian IT supplier
Satyam is to invite formal bids from potential buyers this
week.
It could be could be months before Satyam's accounts are
restated, but the state of the business is clear according to the
government-nominated board, the
Financial Times reports.
The new board has asked newly-appointed auditors KPMG and
Deloitte to
restate the accounts since replacing former Satyam auditor,
PwC.
Analysts have said it will be difficult to sell the company
until this process has been completed and all lawsuits against
Satyam have been settled.
The company faces several lawsuits after former chairman B
Ramalinga Raju admitted in January that he had manipulated company
accounts.
The revelation came in a letter to the company, in which Raju
offered his resignation and confessed to inflating the company's
financial figures.
At least one US law firm has said it will try to block any sale
before outstanding legal matters are resolved.
Indian engineering group
Larsen & Toubro is among the potential bidders for Satyam,
according to the Financial Times report.