Tech mahindra
Tech mahindra

New Board of Directors Appointed at Satyam

Hyderabad, INDIA, January 11, 2009: Satyam Computer Services Limited (NYSE: SAY) today said that it welcomes the Ministry of Corporate Affairs’ appointment of three distinguished members to a newly formed board of directors for the company.

The members are:
  • Mr. Deepak S. Parekh, Chairman of HDFC
  • Mr. Kiran Karnik, former President of NASSCOM
  • Mr. C. Achuthan, Director at the National Stock Exchange, former Member of SEBI, and former Chairman of Securities Appellate Tribunal.

Satyam welcomes this key development, which will ensure the company’s continued operations, help maintain customer confidence and associate morale, and restore investor trust. The new members are eminent and accomplished leaders, recognized in India and around the world for their expertise in finance, law, administration and the IT services industry. Satyam’s leadership team has complete confidence in them, and pledges to work closely and in full cooperation with the new board,” the company said.
The board is expected to meet within the next 24 hours.

“This is a vital stabilizing development for Satyam, and it marks the beginning of a new chapter in the company’s history. It is the best news we’ve received in the past four weeks,” a company spokesperson added.

Satyam Contacts:

For clarifications, write to us at MediaRelations@Satyam.com
Or contact our global Satyam PR representatives at:

India:
Deepa Jayaraman
deepa.jayaraman@ipan.com
+91-981-980-8681

Ajith Henry
ajith.henry@ipan.com
+91-982-081-4870

US:
Melissa Baratta
mbaratta@ricochetpr.com
+1-212-679-3300 ext. 118

Europe:
Sandeep Thawani
Sandeep_Thawani@Satyam.com
+44-783-010-3838

Asia-Pacific:
Dan Bleakman
Dan@howorth.com.au

Reshma Wad Jain
Reshma@wer1.net
+65-98-140-507

Safe Harbor

This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on 07 November, 2008, and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at http://www.sec.gov.

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Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise™. We are a USD 4.4 billion company with 117,600+ professionals across 90 countries, helping over 840 global customers including Fortune 500 companies. Our convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra is amongst the Fab 50 companies in Asia as per Forbes 2016 list.

The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.

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