Announcement posted by Satyam 14 Apr 2009
Mumbai, 13 April 2009: Satyam Computer Services Ltd. (NYSE: SAY;
BSE: SATYAM; NSE: SATYAMCOMP) (the "Company"), announced today
that its Board of Directors (the “Board”), has selected Venturbay
Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited (“Tech
Mahindra”) as the highest bidder to acquire a controlling stake in the
Company, subject to the approval of the Hon'ble Company Law Board.
The Company has been administered by a new
Board appointed pursuant to the orders of the Hon’ble Company Law Board dated
January 9, 2009. The process to select a strategic investor has reached this
significant stage within three months of the new Board’s first meeting.
“On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and growth. We hope this will infus
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