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Company Law Board to summon Satyam nominees

Tuesday, June 30, 2009 4:46 pm
By ShareGyan.com NewsDesk

The Centre is expected to move the Company Law Board this week for summoning up these directors to hand over efficiently the management to the latest proprietor of IT company, Tech Mahindra six months after the government outmoded Satyam Computer’s board and selected its candidates on it.  
Reportedly, the Ministry of Corporate Affairs is likely to move CLB on Wednesday for recalling the 6 nominee directors selected by it early this year after B Ramalinga Raju admitted to scam. As government’s job is done, effective handover of the management to the fresh proprietor, Tech Mahindra, has become the only concern of the government.
Tech Mahindra obtained a bulk stake in the IT Company in April and named it Mahindra Satyam. The latest proprietor has selected C P Gurnani as CEO of Mahindra Satyam.
Besides, it had selected 4 nominees Sanjay Kalra, Vineet Nayyar, C P Gurnani and Ulhas N Yargop on Satyam’s board pursuant to the finishing point of share buy contract between Satyam Computer Services and Tech Mahindra.

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