Tech Mahindra bags Satyam Company.
Tech Mahindra wins bid for Satyam
Satyam’s government-appointed board clarified that Tech Mahindra will take control only when the Company Law Board (CLB) gives its nod for the sale process. They also admitted that the crucial process of restatement of accounts would take a few more months.
B Ramalinga Raju happy
Hyderabad: Satyam founder B R Raju was happy on learning that his company would go to Tech Mahindra, sources at Chanchalguda prison in Hyderabad said. Nobody could tell how and through whom Raju came to know of the development but the source said, “He looked emotionally happy, though he did not speak to anybody.”
His lawyer S Bharat Kumar said Raju was always keen that ‘the company go into safe hands and all employees are happy’.
At the company’s headquarters, there was a mixed reaction. Satyam Freshers Union convener P Varun is happy because the new management is expected to take a decision on the fate of students who have got job offers but have not been absorbed.
Some are relieved that the uncertainity has ended. “We just hope the worst is over. A stable management will bring us back to the top from where we have slipped to the 24th slot (from 4th) in just a few months.” However, people in the middle management and software engineers are worried about rationalisation in ‘the always overstaffed company’.
There are also fears about a downward revision in salary. ERP and Java techies are worried about the focus of the new management. “Tech Mahindra has a higher focus on the telecom sector,” a techie explained.
