Satyam chairman: bid process to be defined in 7-10 days

MUMBAI - Satyam Computer Services Ltd  board expects to outline the bidding process for a possible sale of the fraud-hit firm in the next 10 days time, Chairman Kiran Karnik said on Thursday.

"We expect the (bidding) process to be defined in 7 to 10 days," Karnik told reporters.

"It's a work in progress. I can't give any deadline. I can only tell you, this needs to be done quickly."

Karnik said on Wednesday many potential suitors had approached Satyam, but a formal sale process was yet to begin.

The board has appointed Goldman Sachs and Avendus, an Indian investment bank, to look for strategic investors.