New Delhi, April 16 (Inditop) India’s Company Law Board (CLB) Thursday approved the takeover of fraud-hit Satyam Computer Services by outsourcer Tech Mahindra Ltd.
“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.