TechM set to announce major decisions in Satyam today

About 18 top officials of Tech Mahindra are camped in the Satyam’s campus

Tech Mahindra, the new owner of the scandal-hit Satyam Computer Services Limited, will be taking major decisions on the latter’s businesses on the concluding day of the two-day ‘Leadership Meet’ on Sunday, a source privy to the development said.

Eighteen top officials of Tech Mahindra, including its Chief Executive Officer Vineet Nayyar and global operations head C P Gurnani, who joined the Satyam board on June 1, were already camping at Satyam’s Infocity campus in Hyderabad since the last three days. They were engaged in meetings and discussions with Satyam’s top 90 leaders for charting the IT outsourcing company’s future road map, going ahead.

“Taking stock of Satyam’s new businesses, re-branding the IT outsourcing company while maintaining a ‘joint virtual integration’ of both the companies (Tech Mahindra and Satyam) strengths, considering a second preferential issue for picking up the remaining 20 per cent stake in Satyam in the event of its stock surging past the offer price of Rs 58 to nearly 80, and on how to fully utilise the capabilities of the existing staff under the ‘Virtual Pool Programme’ will be the main decision-making issues at tomorrow’s meet,” sources said.

Close to 10,000 associates had received sabbatical letters as part of the VPP, settling for a ‘basic’ pay in addition to provident fund and medical insurance. The IT outsourcing company, however, had earlier maintained that the employment status of staff under the VPP will be undisturbed and they may be recalled and reinstated on full pay and benefits, based on business recruitments.

When contacted, a Satyam Spokesperson said a decision on the issues is yet to be taken and would be announced on Sunday.