Tech Mahindra Gets Company Law Board Nod For Satyam Buy

Tech Mahindra is acquiring Satyam through its subsidiary Venturbay Consultants.

FP Archives|Jan 31, 2017, 02:16:52 IST

India's Company Law Board (CLB) today approved the takeover of fraud-hit Satyam Computer Services by outsourcer Tech Mahindra.

"Having convinced myself that the board of directors has selected a technically and financially competent/ qualified strategic investor - Venturbay - to adopt and nurture the ailing Satyam, I accept the recommendation," CLB chairman S Balasubramanian said in a statement.

Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, is acquiring Satyam through its subsidiary Venturbay Consultants.

"Venturbay will have the liberty to appoint not more than four of its nominees as directors on the board of the company. The present six directors shall continue till further orders," the statement added. (IANS)

Future Group - Reliance Retail Deal approved by CCI

RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market

Investors playing in virtual currencies (VCs) might take to a barter or tap the black market to continue trading in cryptocurrencies.

Petrol, diesel rates: Fuel prices reduced for sixth day in a row amid lower Brent futures

Indian Oil Corporation has cut down fuel prices for the sixth consecutive day today (6 June, 2018)

IT firms will have to re-skill two million employees ahead of a full-blooded digital push; are they prepared?

Two million existing IT employees need to be re-skilled on digital technology, and 1.5 million new IT employees need to be skilled by 2025.

Flipkart shareholders barring SoftBank Group agree to sell stake to US retail giant Walmart

Key shareholders of Indian e-commerce player Flipkart have reportedly agreed to sell their stake to US retail giant Walmart.

Up Next