A Larsen & Toubro spokesperson termed as incorrect media reports stating that the Construction major was preparing presentation of a revival plan to Satyam’s board. "This is totally incorrect. We are not making any presentation. L&T is refuting all these media reports," D. Morada told Reuters. Larsen was a front-runner to buy the Hyderabad-based outsourcer. Other players backing the bid are Satyam's institutional investors such as Life Insurance Corp and ICICI Prudential Life Insurance backed a bid. The prominent English daily, The Economic Times, citing investment banking and government sources, said L&T would put a price on its bid once KPMG and Deloitte, Satyam's new auditors, had released restated results. Meanwhile Satyam’s 6-member board is on the verge of finalizing the appointment of an investment banker to aid the rescue effort, as well as pick a chief executive and a chief financial officer.
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