Back

Next

How Tech Mahindra won the Satyam bid

April 13, 2009

The CLB exempted the company from shareholder approval requirements in connection with the preferential allotment that would otherwise be required under the Companies Act, 1956.

Goldman Sachs and Avendus Capital acted as financial advisors to Satyam. Amarchand & Mangaldas & Suresh A. Shroff & Co acted as Indian legal counsel to Satyam. Latham & Watkins LLP acted as U.S. legal counsel to Satyam.

Som Mittal, president of IT body Nasscom, said about Tech Mahindra winning the Satyam bid that the deal was synergistic for both companies.

Even as the Satyam deal has gone through, reports suggest that Satyam chairman Kiran Karnik is keen to quit the Satyam board "at the earliest possible opportunity" so that its new owner can run the show as it wants to.

Image: Satyam Computer Services chairman Kiran Karnik. | Photograph: Punit Paranjpe/Reuters