CLB to recall govt appointed Satyam directors

NEW DELHI, INDIA: Six months after superseding the Board of Satyam Computer Services (now renamed Mahindra Satyam) and appointing its nominees on it, the Government of India is likely to move the Company Law Board (CLB) this week for recalling these directors to hand over effectively the management to the new owner of IT firm, Tech Mahindra, said a report on Tuesday.

The Ministry of Corporate Affairs may move CLB on Wednesday for recalling the six nominee directors appointed by it in January following the financial scandal was exposed and B Ramalinga Raju, the founder of the IT firm, confessed to cooking of books of accounts of the company for several years, a PTI report said, quoting official sources.

Recently there were reports that the government appointed board members are getting ready to quite the firm, as the new management has taken charge.

According to government sources the job of the government is over as the management of the company has been handed over to the new owner, Tech Mahindra.