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Rediff.com  » Business » Tech Mahindra directors join Satyam board

Tech Mahindra directors join Satyam board

May 27, 2009 19:40 IST

Four nominee directors of Tech Mahindra, including its chief executive officer Vineet Nayyar, on Wednesday joined the board of the embattled IT firm Satyam Computer.

The other three nominees of Tech Mahindra's privately held entity Venturbay Consultants Pvt Ltd, who joined Satyam board are CP Gurnani, Sanjay Kalra and Ulhas N Yargop.

Venturbay Consultants had acquired majority stake in April Hyderabad-based firm in April.

In a statement Satyam Computer said the board has decided to advance the date of appointment of the four nominee directors from Venturbay Consultants Pvt Ltd to May 27, 2009.

The company had earlier announced that the appointment of the Venturbay directors to the Board would be effective as of June 1, 2009.

Though the company has not given any formal reason for advancing the appointment, sources said since the board is likely to meet next week it could be a possible reason.

Nayyar has been designated as whole-time director of the company effective as of June 1, 2009, it added.

The appointment of the nominee directors comes pursuant to the completion of share purchase agreement between Tech Mahindra and Satyam Computer Services, under which the new owner of the IT firm had completed the acquisition of 31 per cent stake in the company for Rs 1,756 crore (Rs 17.56 billion).

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