Satyam seeks CLB nod for takeover

Crisis-ridden Satyam Computer Services [ Get Quote ] on Wednesday moved the Company Law Board (CLB) to seek approval of its proposal to sell the IT company to Tech Mahindra [ Get Quote ].

The approval of the CLB is necessary for the new management to come in and take control of Satyam, which is currently being managed the government-appointed board members.

Ending the three-month ordeal of about 50,000 employees, Tech Mahindra had on Monday emerged as a top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival Larsen & Toubro.