The Satyam board will meet in Hyderabad on Saturday to review further funding options and the sale process, a highly placed source told PTI.

The board is also likely to get an update from its investment bankers - Goldman Sachs and Avendus - on potential acquirers, the source said.

"The board will review the progress of steps already taken. It is still in talks with various financial institutions to explore further options of funding. It would also discuss the road-map ahead, including the sale process," the source said. It is unlikely to invite bids until accounts are restated to that level of accuracy enough to convince bidders of the actual value of Satyam, the source added.

Also, the highest bidder may not necessarily emerge as the winner in the bidding process unless it qualifies on various yardsticks - capability to run the company, commitment and good corporate governance standards, the source said. "All that I can say is that money will not be the only yardstick (while deciding the bidder)."

Two top executives of the company have put in their papers in the last seven days - manufacturing and automotive head, Subu D Subramanian and senior VP, financial services vertical, Anil Kumar.

They  were "ousted" from the company as the management was "not comfortable" with them, a highly placed source closely connected to the development said.

Even as it embarked on a cost rationalisation exercise, Satyam said it will continue to hire people during this quarter, as and when required. According to the company it would take a more "humane approach" towards its entry-level employees and would waive the invocation of bank guarantee of $4,020 (Rs 2 lakh) submitted by the entry-level trainee programmers (ELTPs). X

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