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Rediff.com  » Business » Satyam board awaits nod to induct Tech Mahindra men

Satyam board awaits nod to induct Tech Mahindra men

May 14, 2009 18:40 IST

Fraud-hit Satyam Computer Services is awaiting the nod of US authorities for inducting four representatives of Tech Mahindra on the IT company's board.

"From Indian context it is all clear. . .once the US approval comes, their (Tech Mahindra's) representative will be inducted into the board very soon", Satyam board member and ICAI's past president T M Manoharan told PTI when asked as to when representatives of new owners would join the board.

Paving the way for takeover of crisis-ridden Satyam by Tech Mahindra, the Company Law Board allowed the new owners to appoint Vineet Nayyar, C P Gurnani, Sanjay Kalra and Ulhas N Yargon on the board.

Manoharan, who is in the capital along with other board members to meet Prime Minister Manmohan Singh and Planning Commission deputy chairman Montek Singh Ahluwalia, said, "Many approvals have come... Satyam shares are listed across the globe in many stock exchanges...US approval is awaited."

Asked whether the statutory approval from Germany has been received, Mahoharan said, "I think all that has come. All others have come except US. This will happen by anytime."

Tech Mahindra, in its announcement of open offer to buy shares of Satyam, pointed out that approvals from the anti-trust authorities in the US and Germany are needed for completing acquisition of Satyam.

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