Tech Mahindra may get full control of Satyam board

Tech Mahindra may get full control of Satyam board
PTI
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First Published: Sun, May 24 2009. 12 50 PM IST
Updated: Sun, May 24 2009. 12 50 PM IST
New Delhi: Tech Mahindra, the new owner of Satyam, is likely to have full-board representation on the scam-tainted company soon as the government withdraws its six board members anytime next month.
A board member of Satyam said: “We get the indication from Company Law Board that once the four Tech Mahindra nominees join the Satyam board in 1 June, CLB may direct the government - nominated board members to resign and ask Tech Mahindra to have the entire board representation any day after that.
Sources in CLB said it may give the direction after getting status report from the company. But at the moment there was no such request either from the government or any of the board members appointed by it.
When contacted Satyam Board chairman Kiran Karnik said “Our (the government-inducted board’s) job is done. There is a new owner now, there is stability in the company”.
The company, according to sources, is also looking at changing the brand of Satyam like name and logo as it perceives the word fraud is now associated with it forever.
These are long term policy decisions and can only happen once Tech Mahindra fully takes over.
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First Published: Sun, May 24 2009. 12 50 PM IST
More Topics: Satyam | CLB | Board | Government | Kiran Karnik |