Four Tech Mahindra representatives set to join Satyam board

20 April 2009

Four Tech Mahindra representatives - Vineet Nayyar, vice-chairman and managing director; CP Gurnani, president, international operations;  Sanjay Kalra, president, strategic initiatives; and Ulhas Yargop, director and president of the IT sector, Mahindra Group, are expected to be nominated to the Satyam board. 

The four, who were expected to be nominated to join the Satyam board upon the closing of the initial allotment, were invited as special invitees to attend Satyam's board meeting held today. 

Representatives of Tech Mahindra met with the board of directors and key executives of Satyam Computer Services Ltd at their headquarters in Hyderabad to finalise plans for Tech Mahindra's acquisition of a controlling stake in Satyam and to discuss important transition issues. 

Anand Mahindra, chairman of Tech Mahindra, accompanied by senior executives of the Mahindra Group and Tech Mahindra, initiated the process at the Satyam campus today.

Following the Company Law Board's approval on 16 April Tech Mahindra as the successful bidder to acquire a controlling stake in Satyam,

Tech Mahindra, which emerged the successful bidder for Satyam Computer Services on 16 April, has deposited the initial subscription amount of approximately Rs1,756 crore (approx $351 million) and the total funds necessary to consummate the mandatory public offer being approx Rs1,154 crore ($231 million), in separate escrow accounts today.