Satyam names four new directors

May 22nd, 2009 - 7:21 pm ICT by IANS  

New Delhi, May 22 (IANS) India’s fourth largest outsourcer Saytam Computers Friday said it has appointed four more directors on its board following a Company Law Board (CLB) directive April 16.
The appointments were also as per a share subscription agreement between Tech Mahindra and its subsidiary Venturbay Capitals, which is acquiring a controlling stake in the scam-hit Satyam.

The four directors, all drawn from Venturbay, are Vineet Nayyar, C.P. Gurnani, Sanjay Kalra and Ulhas N. Yargop, Satyam said in a regulatory statement.

The appointments will come into effect June 1. With this, Satyam now has 10 directors on its board.

The CLB had in January appointed Kiran Karnik, Deepak Parekh, C. Achuthan, Tarun Das, S. Balakrisha Mainak and T.N. Manoharan to constitute the board.

Tech Mahindra had April 22 announced its open offer for a 20-percent additional stake in Satyam Computer at Rs.58 per share, after buying 31 percent equity in the IT bellwether following a global auction.

–Indo-Asia News Service


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