Tech Mahindra appoints 4 directors on Satyam board
Four nominee directors of Tech Mahindra, including its Chief Executive Vineet Nayar, were on Friday appointed on the board of tainted IT firm Satyam Computer, with effect from June 1.
By PTI |
NEW DELHI: Four nominee directors of Tech Mahindra, including its Chief Executive Vineet Nayar, were on Friday appointed on the board of tainted IT firm Satyam Computer, with effect from June 1.
The other three nominee directors on behalf of Venturbay Consultants (an arm of Tech Mahindra), which acquired 31 per cent stake in the Hyderabad-based company in April, include C P Gurnani, Sanjay Kalra and Ulhas N Yargop, Satyam said in a filing to the Bombay Stock Exchange.
Gurnani currently heads Tech Mahindra's global operations, Kalra is President Strategic Initiatives while Yargop is President for IT sector and a member of the Group Management Board of Mahindra & Mahindra.
The appointment of the nominee directors comes pursuant to the completion of the share purchase agreement between Tech Mahindra and Satyam Computer Services, under which the new owner of the IT firm had completed the acquisition of a 31 per cent stake in the company for Rs 1,756 crore.
"Following the effectiveness of the appointment of Venbturbay Directors, there will be a total of 10 directors on the board," Satyam said.
In January the government had appointed Kiran Karnik, Deepak Parekh, C Achuthan, Tarun Das, T N Manoharan and S Balakrishna Mainak on the board of Satyam Computer after its founder Ramalinga Raju disclosed of a multi-crore financial fraud in the company's books of accounts.
The other three nominee directors on behalf of Venturbay Consultants (an arm of Tech Mahindra), which acquired 31 per cent stake in the Hyderabad-based company in April, include C P Gurnani, Sanjay Kalra and Ulhas N Yargop, Satyam said in a filing to the Bombay Stock Exchange.
Gurnani currently heads Tech Mahindra's global operations, Kalra is President Strategic Initiatives while Yargop is President for IT sector and a member of the Group Management Board of Mahindra & Mahindra.
The appointment of the nominee directors comes pursuant to the completion of the share purchase agreement between Tech Mahindra and Satyam Computer Services, under which the new owner of the IT firm had completed the acquisition of a 31 per cent stake in the company for Rs 1,756 crore.
"Following the effectiveness of the appointment of Venbturbay Directors, there will be a total of 10 directors on the board," Satyam said.
In January the government had appointed Kiran Karnik, Deepak Parekh, C Achuthan, Tarun Das, T N Manoharan and S Balakrishna Mainak on the board of Satyam Computer after its founder Ramalinga Raju disclosed of a multi-crore financial fraud in the company's books of accounts.
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