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Satyams leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board.
Bidding Process
On 24th March 2009,Satyam submits letter to SEBI regarding bidding process On 25th March 2009,Satyam Wins Corporate University Xchange Awards New Satyam directors get immunity shield on 17 Apr 2009 .The Company Law Board on granted immunity shield to the directors to be appointed on the Satyam board by Tech Mahindra, giving them a cushion against any abrupt inquiry due to Satyam fraud, while approving Satyam board's recommendation to select M/s Venturbay (a subsidiary of Tech Mahindra) as the new owner of the company. CLB chairman S Balasubramanian also announced a series of privileges for the new owner to work on the turnaround of Satyam Tech Mahindra paid nearly 600 million dollars for a majority share of Satyam, which has been struggling since its founder confessed to falsifying its accounts in India's biggest ever accounting scandal. The takeover propels Tech Mahindra to the top-tier of India's software companies