20% open offer for Satyam to be announced on Tuesday
April 21st, 2009
The first official interaction between the Satyam board and Tech Mahindra management, post the deal, has taken place today. The boards have discussed a transition plan. Kiran Karnik, the Chairman of the government appointed Satyam board, said Tech Mahindra has completed almost all formalities for the buy, and has deposited Rs 2,910 crore in escrow accounts.
On layoffs, Karnik said one cannot say anything on layoffs now. “The list of key 100 employees has been given to Tech Mahindra. No decision yet has been taken on ex-interim CEO Ram Mynampati.”