20 Apr 2009
NEW DELHI: Three senior executives of Tech Mahindra are likely to be inducted in the Satyam board. The names doing the rounds are vice-chairman, MD & CEO Vineet Nayyar, president (international operations) CP Gurnani, and President (strategic initiatives) Sanjay Kalra.
Anand Mahindra, chairman of Tech Mahindra, who is in Hyderabad, is expected to address Satyam employees to provide them comfort amid concern that the new management may cut jobs.
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 troubled IT company.
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.
"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 said.
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% 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% in an open offer to public.
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