Anand Mahindra, chairman of Tech Mahindra, is expected to address Satyam employees amid concern that the new management will cut jobs.

Tech Mahindra, Satyam's new majority shareholder, is expected to firm up plans for the future path of the beleaguered company, including decisions on employee retention, at a crucial board meeting of Satyam Computer Services in Hyderabad on Monday.

The senior management of Tech Mahindra will also meet the government-appointed board and key executives of Satyam Computer Services. They are expected to address the media on the same day. Handing over the share allotment documents to Tech Mahindra is also on the agenda of Monday's board meet, according to a Satyam spokesperson.

Four nominees of Tech Mahindra will be inducted into Satyam's board, which now has six government nominees. These are Tech Mahindra vice-chairman, managing director and chief executive officer Vineet Nayyar, president (international operations) C P Gurnani, president (strategic initiatives) Sanjay Kalra, and Ulhas N Yargop, non-executive director on Tech Mahindra board. Nayyar and Gurnani are already in Hyderabad.

To begin with, Tech Mahindra is understood to be working on a 100-day plan for Satyam. Reports say that the current management, including chief executive A S Murty, is unlikely to be changed immediately.

However, a board member at Satyam is reported to have said Tech Mahindra will have the right to retain or sack employees by virtue of being its new owner. Satyam has 48,000 employees on its rolls now.

The Company Law Board (CLB) on Wednesday approved the takeover of Satyam by Tech Mahindra for the deal at Rs 58 share that the company won through auction. The Pune-based company is a joint venture between Mahindra & Mahindra and British Telecommunications.

British Telecom may bow out soon
Tech Mahindra's acquisition of a controlling stake in Satyam Computer Services may speed up BT's exit from the telecom solutions company, reports CNBC-TV18.

The busines news channel eported that the UK-based telecom company has been looking to offload its 31-per cent stake in Tech Mahindra for about a year now; it was constrained largely because of the slump in Tech Mahindra's valuation after the stock market meltdown.

On its part, Tech Mahindra was wary of BT's exit as more than 60 per cent of the Pune-based company's revenues came from the UK telecom major.

With Satyam in the bag, which would bring down Tech Mahindra's dependence on BT for its revenues, both BT and Tech Mahindra would be comfortable parting ways if and when the British major gets the right valuation.