The Satyam board now comprises ten directors, including the six directors appointed in January by the central government pursuant to the orders of the Company Law Board.

The six government-appointed directors - Kiran Karnik, Deepak S. Parekh, C. Achuthan, Tarun Das, S. Balakrisha Mainak and T.N. Manoharan - will continue on the board of Satyam until further orders of the Company Law Board, the company said in a release.

Satyam had, on 22 May, announced that the appointment of the Venturbay directors to its board would be effective as of 1 June 2009. However, the board has now decided to advance the effective date of their appointment to 27 May 2009.

Vineet Nayyar has been designated as whole time director of Satyam Computer services effective 1 June 2009. Nayyar, 70, is vice chairman, managing director and chief executive of Tech Mahindra.

Nayyar also serves as a director on the boards of directors of Kotak Mahindra Old Mutual Life Insurance Limited, The Great Eastern Shipping Company Limited, CanvasM Technologies Limited, Venturbay Consultants Private Limited, Mahindra United World College of India, and Tech Mahindra Foundation.

Gurnani, 50, is the head of Tech Mahindra's global operations, sales and marketing functions, and leads the development of Tech Mahindra's competency and solution units.

Sanjay Kalra, 46, is president, strategic initiatives for Tech Mahindra. Kalra also heads Tech Mahindra's BT relationship, research and development services for telecom equipment manufacturers and transformation/ business process reengineering services. He is also responsible for Mergers and Acquisitions for Tech Mahindra.

Ulhas N Yargop, 55, is president, IT sector and member, group management board of Mahindra & Mahindra Ltd. Yargop also serves as a member of the board of governors of Mahindra United World College of India and the managing committee of Harvard Business School's India Research Center.

Venturbay had deposited into escrow Rs17,56,03,30,966 (approximately $351 million based on an exchange rate of Rs50 to a dollar) being the subscription amount for the initial shares. Since the conditions precedent to the allotment of the initial shares have now been satisfied by the parties, the funds have been released from the escrow account to the company's account. The company expects to use the funds for general corporate purposes, including repayment of certain existing loans, the release said.

Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, Venturbay will be required to make a mandatory cash tender offer to acquire an additional minimum of 20 per cent of the enhanced share capital and convertible instruments at a minimum price of Rs 58 per share (around $1.16 per share).

If the public offer fails to secure 51 per cent of the enhanced share capital of Satyam, Venturbay will have the option to subscribe to additional newly issued shares of the company so as to ,acquire 51 per cent of Satyam.

The Securities and Exchange Board of India (SEBI) has granted Satyam Computer Services Ltd  certain relaxations/exemptions/permissions from strict compliance with applicable SEBI regulations in connection with the process followed by the company pursuant to Regulation 29A of the SEBI Takeover Regulations to select an investor.