Back

Next

How Tech Mahindra won the Satyam bid

April 13, 2009

The company was administered by a new board appointed pursuant to the orders of the CLB dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new board's first meeting.

"On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the company in its progress towards stabilisation and growth," Satyam said in an announcement.

The CLB said that the winning bidder will submit an affidavit by Thursday and the CLB will respond within 24 hours of the submission.

"We hope this (Monday's announcement) will infuse greater confidence and comfort amongst customers, who continue to be happy with Satyam's excellent service delivery. This event ought to dispel the anxiety of all stakeholders as it re-positions the Company's commitment to revival and good governance," said Kiran Karnik, chairman of the Satyam board.

Image: Anand Mahindra, vice chairman and managing director, Mahindra Group. | Photograph: Reuters