Satyam-TechM merger likely this week

Satyam-TechM merger likely this week
Highlights

New Delhi (PTI): Days after the Andhra Pradesh High Court approved the merger of Mahindra Satyam with parent...

SatyamNew Delhi (PTI): Days after the Andhra Pradesh High Court approved the merger of Mahindra Satyam with parent Tech Mahindra, the two companies are likely to unveil the blueprint of the merged entity this week. The merger when completed will create the country's fifth largest software services firm. The two firms are likely to announce restructured organisation set-up and key management people. Anand Mahindra is likely to be named chairman of the merged entity. Besides the chairman, vice chairman, chief executive and head of finance are likely to be named in the announcement which was to come on Monday evening but was called off at the last minute. Mahindras had in 2009 taken over Satyam Computers after the multi-billion dollar scam by its founding chairman B Ramalinga Raju. The group is now working at merging Mahindra Satyam with Tech Mahindra - a move opposed by some stakeholders. The High Court, however, set aside the objections. Sources said the branding of merged entity as well as the structure of the organisation is likely to be unveiled at a corporate announcement this week. The board was scheduled to meet on Monday but due to some reasons, the meeting has been postponed. The board is likely to meet shortly, sources said. Sources said both the companies have finalised key aspects of the merger and Anand Mahindra is likely to be named chairman of the merged entity. Last year, the company announced the merger of two companies and has secured the mandate of both the boards and shareholders, barring the minority ones, who have challenged the swap-ratio in the AP High Court.
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