Tech Mahindra-Satyam meet on Mon, transition top priority
April 17th, 2009
The current board and management team of Satyam will meet with a team from Tech Mahindra on Monday. Satyam Chairman Kiran Karnik said the top item on the agenda is the formulation of a transition plan to ensure Tech Mahindra can take over operations. “The meeting will also decide on interacting with customers and staff, and will also chart out immediate action with respective to cost tightening.”
He said the company has received practically all clearances for the stake sale. “We are yet to file for clearance for open offer with Securities Exchange Board of India, and US Securities and Exchange Commission. The application on open offer must have been sent to Sebi today.”