Bids in for India's troubled Satyam Computer Services

Mumbai: The board of India's Satyam Computer Services plans to announce the top bidder for a controlling stake in the company.

Bids were due on Monday and the winning bidder must be approved by the government.

The company plunged into turmoil in January 7 when founder and chairman B. Ramalinga Raju confessed to a $1 billion fraud.

Larsen & Toubro, one of India's largest engineering conglomerates, and telecommunications firm Tech Mahindra, said on Monday they had submitted bids.

Satyam board members and investment bankers from Avendus and Goldman Sachs plan to spend the day holed up in a room in Mumbai's Taj President hotel, pouring over the offers and announce the highest bidder in the afternoon.