Satyam, which has found a new owner in Tech Mahindra, is set to be re-christened. The computer services firm will also have a new CEO. Sources within Tech Mahindra told the media that the name Satyam has become synonymous with the scandal. Hence, the new owner is left with no choice but to go in for a new tag. After the approval of the Company Law Board, which is expected by Friday (17th April), the contract to be signed by Tech Mahindra allows it to rename the company.

 

Post CLB approval, Tech Mahindra will infuse funds into Satyam for acquiring 31% stake. Then the Satyam board will be reconstituted, which will have a Tech Mahindra representative. However, a senior Tech Mahindra official did mention that the reconstituted board will meet the Satyam management and consider their opinion on rechristening the brand.

 

Meanwhile, according to a top Tech Mahindra official the current CEO AS Murty, who took charge after the government superseded the erstwhile Satyam Board, is set to exit the firm. Ram Mynampati, the interim chief executive officer of Satyam Computer Services, may also exit when Tech Mahindra takes management control of the beleaguered IT firm.