Four Tech Mahindra nominees appointed to Satyam Computer’s Board

Tech Mahindra’s acquisition of Satyam Computer Services became more formal, after the appointment of four directors on its board. Vineet Nayyar, CP Gurnani, Sanjay Kalra and Ulhas N Yargop, all senior management personnel from Tech Mahindra, have been appointed on Satyam’s board effective June 1, 2009. The total board strength will go up to 10, including the six government appointed nominees, with Kiran Karnik as the chairman. Over a period of time, the government’s role in the board can be expected to diminish as they hand over charge to the new owners. A crucial pending task is the restatement of financial statements, so that Satyam’s shareholders can know the extent to which their company has been defrauded.

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