Satyam seeks CLB nod for takeover

Crisis-ridden Satyam Computer Services on Wednesday moved the Company Law Board (CLB) to seek approval of its proposal to sell the IT company to Tech Mahindra.

The approval of the CLB is necessary for the new management to come in and take control of Satyam, which is currently being managed the government-appointed board members.

Ending the three-month ordeal of about 50,000 employees, Tech Mahindra had on Monday emerged as a top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival Larsen & Toubro.

Tech Mahindra would acquire the stake in an all-cash deal, followed by an open offer for a 20 per cent stake to take management control of the company.