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Rediff News  All News  » Business » Tech Mahindra brass to meet Satyam board on April 20

Tech Mahindra brass to meet Satyam board on April 20

April 17, 2009 09:58 IST

The senior management of Tech Mahindra, which has got the Company Law Board approval to acquire Satyam, will be meeting the government-appointed board and key executives of Satyam Computer Services in Hyderabad on April 20. They are expected to address the media on the same day.

Among other things, the company will take stock of the current situation and discuss the way forward. Handing over the share allotment documents to Tech Mahindra is also on the agenda of Monday's board meet, according to a Satyam spokesperson.

Three senior officials of Tech Mahindra -- Vice-Chairman, MD & CEO Vineet Nayyar, C P Gurnani, president (international operations), and President (strategic initiatives) Sanjay Kalra -- have confirmed their participation in the meet.

Nayyar and Gurnani are already in Hyderabad.

To begin with, Tech Mahindra is understood to be working on a 100-day plan for Satyam. "Till then, the current management and CEO (A S Murty) will continue to run things," said a source close to the development.

PTI reports: Tech Mahindra said it would pay Rs 1,756 crore (Rs 17.56 billion) before the deadline of April 21 for acquiring 31 per cent stake in Satyam. Sources in the company said it would pay the amount before April 21 and it had already arranged most of the funds required.

BS Reporters in Hyderabad, Mumbai