Satyam Computer has appointed four more new directors on its board following a notification from Company Law Board (CLB). Earlier in January, the CLB had appointed Kiran Karnik, Deepak Parekh, C. Achuthan, Tarun Das, S. Balakrisha Mainak and T.N. Manoharan on Satyam's board. After the appointments, the CLB has notified Satyam on April 16 to rope in four more directors.

 

The newly appointed directors on Satyam board are Vineet Nayyar, C.P. Gurnani, Sanjay Kalra and Ulhas N. Yargop. All the newly appointed directors have come from Venturbay Capitals, a subsidiary of Satyam's new owner Tech Mahindra. The new directors will take the charge of their offices on June 1. With this, Satyam now has 10 directors on its board.

 

After buying 31 percent equity in scam-hit Satyam Computers, Tech Mahindra on April 22 announced its open offer for a 20 percent additional stake in IT firm at Rs.58 per share. Satyam Computer found itself in a disastrous situation when its founder and chairman, B Ramaliga Raju revealed that the profits of the company had been overstated for years. The out-break of scam discouraged the investors and the IT company was almost on the verge of collapsing until the government stepped in to limit damage.