Satyam Board meet tomorrow; Tech Mahindra to participate | business | Hindustan Times
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Satyam Board meet tomorrow; Tech Mahindra to participate

The new owner of Satyam Computer, Tech Mahindra will have its first official interaction with the Satyam Board on Monday after obtaining the Company Law Board’s approval for acquiring majority stake in trouble IT company.

business Updated: Apr 19, 2009 22:20 IST

The new owner of Satyam Computer, Tech Mahindra will have its first official interaction with the Satyam Board tomorrow after obtaining the Company Law Board’s approval for acquiring majority stake in trouble IT company.

All Satyam directors, senior Tech Mahindra officials and Ananda Mahindra, chief of Mahindra Group, will take part in the Satyam board meeting in Hyderabad tomorrow.

Mahindra may also address all the vertical and process heads of Satyam and get an idea of the operations and business from the officials on the field.

Tech Mahindra will also appoint four directors on the Satyam Board.

“There is a board meeting on Monday. All Satyam directors and senior officials of Tech Mahindra will participate in the meeting to take stock of the situation,” a Satyam Computer spokesperson has told PTI.

Tech Mahindra emerged as the highest bidder for majority stake in Satyam at Rs 58 a share in an auction held on last Monday. It has to pay Rs 1,756 crore by April 22, 2009 for 31 per cent stake.

As per the bidding schedule, the payment of Rs 1,756 crore will ensure the ownership of Satyam to Tech Mahindra following which the Mumbai-based company has to acquire another 20 per cent in an open offer to public.