Appointment of Venturbay Nominees to Satyam Board
May 22 2009 - 10:11AM
PR Newswire (US)
NEW DELHI, May 22 /PRNewswire-FirstCall/ -- Satyam Computer
Services Ltd. (NYSE:SAY)(BSE:SATYAM)(NSE:SATYAMCOMP) (the
"Company"), announced today that pursuant to the order of the
Hon'ble Company Law Board dated April 16, 2009 (the "CLB Order")
and the terms of the Share Subscription Agreement dated April 13,
2009 among the Company, Venturbay Consultants Private Limited
("Venturbay") and Tech Mahindra Limited ("Tech Mahindra"), four
nominee directors of Venturbay, Mr. Vineet Nayyar, Mr. C.P.
Gurnani, Mr. Sanjay Kalra and Mr. Ulhas N. Yargop (collectively,
the "Venturbay Directors"), have been appointed to the board of
directors of the Company (the "Board") effective June 1, 2009.
Following the effectiveness of the appointment of the Venturbay
Directors, there will be a total of ten directors on the Board. As
previously disclosed, the Central Government pursuant to orders of
the Hon'ble Company Law Board had, in January, appointed Mr. Kiran
Karnik, Mr. Deepak S. Parekh, Mr. C. Achuthan, Mr. Tarun Das, Mr.
S. Balakrisha Mainak and Mr. T.N. Manoharan to the Board. As also
disclosed earlier, pursuant to the CLB Order, the six directors of
the Company appointed by the Central Government will continue on
the Board until further orders of the Hon'ble Company Law Board.
Below are the biographies of the Venturbay Directors, which have
been provided to the Company by Venturbay. 1. Mr. Vineet Nayyar Mr.
Nayyar, 70, is the Vice-Chairman, Managing Director and Chief
Executive Officer of Tech Mahindra. Mr. Nayyar has led several
organizations across various industries. In a career spanning over
40 years, Mr. Nayyar has worked with the Government of India,
international multilateral agencies and in the corporate sector
(both public and private). Mr. Nayyar started his career with the
Indian Administrative Service and held a series of senior
positions, including that of a District Magistrate, Secretary -
Agriculture & Rural Development for the Government of Haryana
and Director, Department of Economic Affairs, Government of India.
He also worked with the World Bank for over 10 years in a series of
senior assignments, including successive terms as the Chief for the
Energy, Infrastructure and the Finance Divisions for East Asia and
Pacific. Mr. Nayyar was also the founding Chairman and Managing
Director of the state owned Gas Authority of India and has served
as the Managing Director of HCL Corporation Ltd. and as the Vice
Chairman of HCL Technologies Ltd. He was also a co-founder and
Chief Executive Officer of HCL Perot Systems. Mr. Nayyar received a
master's degree in development economics from Williams College,
Massachusetts. In addition to his responsibilities at Tech
Mahindra, Mr. Nayyar's principal directorships include his serving
as a director on the boards of directors of Kotak Mahindra Old
Mutual Life Insurance Limited, The Great Eastern Shipping Company
Limited, CanvasM Technologies Limited, Venturbay Consultants
Private Limited, Mahindra United World College of India, and Tech
Mahindra Foundation. Mr. Nayyar has no family relationship with any
director or officer of the Company and as on April 27, 2009, did
not hold any shares of the Company. 2. Mr. C.P. Gurnani Mr.
Gurnani, 50, is the head of Tech Mahindra's global operations,
sales and marketing functions, and leads the development of Tech
Mahindra's competency & solution units. In a career spanning
over 26 years, Mr. Gurnani has held several leading positions with
HCL Hewlett Packard Limited, Perot Systems (India) Limited and HCL
Corporation Ltd. Prior to joining Tech Mahindra, Mr. Gurnani was
the Chief Operating Officer and a co-founder of Perot Systems
(India) Limited, initially set up as HCL Perot Systems. At HCL
Perot Systems, Mr. Gurnani orchestrated the HCL Corporation and
Perot Systems joint venture from its inception to making it one of
India's top IT services companies. Mr. Gurnani has extensive
experience in building international business, start-ups,
turnarounds, joint ventures and mergers & acquisitions. Mr.
Gurnani received a chemical engineering degree from the National
Institute of Technology - Rourkela. Mr. Gurnani takes a keen
interest in community work and was nominated by Ernst & Young
for the Entrepreneur of the Year Award in 2007. In addition to his
responsibilities at Tech Mahindra, Mr. Gurnani's principal
directorships include serving as a director on the boards of
directors of CanvasM Technologies Limited, CanvasM (Americas) Inc.,
Mahindra Logisoft, Servista Limited and the Tennenbaum Institute at
the Georgia Institute of Technology. Mr. Gurnani has no family
relationship with any director or officer of the Company and as on
April 27, 2009, did not hold any shares of the Company. 3. Mr.
Sanjay Kalra Mr. Kalra, 46, is the President, Strategic Initiatives
for Tech Mahindra. Mr. Kalra also heads Tech Mahindra's BT
relationship, Research & Development services for telecom
equipment manufacturers and transformation/business process
reengineering services. He is also responsible for Mergers &
Acquisitions for Tech Mahindra. Prior to joining Tech Mahindra, Mr.
Kalra was the Chief Executive Officer of DSL Software (a joint
venture between HCL Technologies Ltd. and Deutsche Bank), which is
focused on providing IT and BPO solutions to capital markets. Mr.
Kalra has also served at HCL as President of HCL Technologies
Europe and was responsible for the creation and incubation of
Cisco's first outsourced Research & Development center in
India. With global roles in Schlumberger Limited and Tata Unisys,
Mr. Kalra has extensively leveraged global delivery to create new
products and business lines, nurtured start-ups and led high growth
businesses. Mr. Kalra was responsible for cross-border transactions
involving the purchase of Deutsche Software from Deutsche Bank,
Apollo Contact Center from BT in Northern Ireland and Axes
Technologies in India. Mr. Kalra received a degree in electrical
engineering from the Indian Institute of Technology, New Delhi and
is a recipient of the "Outstanding Contribution Award for National
Development" from the Indian Institute of Technology, New Delhi
Alumni Association. In addition to his responsibilities at Tech
Mahindra, Mr. Kalra's principal directorships include his serving
as a director on the board of directors of CanvasM Technologies
Limited. Mr. Kalra has no family relationship with any director or
officer of the Company and as on April 27, 2009, did not hold any
shares of the Company. 4. Mr. Ulhas N. Yargop Mr. Yargop, 55, is
the President, IT Sector and Member, Group Management Board of
Mahindra & Mahindra Ltd. Mr. Yargop joined Mahindra &
Mahindra Ltd. in 1992 and has worked as General Manager - Corporate
Planning, General Manager - Product Planning, General Manager,
Mahindra-Ford Project, and as Treasurer of Mahindra & Mahindra
Ltd. He was appointed as President, IT Sector in 1999. The IT
Sector includes Tech Mahindra (focused on the telecom vertical) and
Bristlecone (focused on supply chain consulting). Mr. Yargop is
also responsible for Mahindra SIRF, the corporate venture capital
activity of the Mahindra Group. He has previously worked with GKN
Automotive Inc., USA as Director of Finance and later with GKN
Invel Transmissions Ltd., New Delhi as General Manager -
Commercial. He also worked with The Standard Batteries Ltd., Mumbai
as Vice President - Industrial. Mr. Yargop received a bachelor of
technology degree in mechanical engineering from the Indian
Institute of Technology, Madras and a master's in business
administration degree from the Harvard Business School. In addition
to his responsibilities at Mahindra & Mahindra Ltd., Mr.
Yargop's principal directorships include his serving as a director
on the boards of directors of Tech Mahindra Ltd., Bristlecone Ltd.,
Cayman Islands, CanvasM Technologies Ltd., AT&T Global Network
Services India Pvt. Ltd. and Mahindra Engineering Services Ltd. Mr.
Yargop serves as a member of the board of governors of Mahindra
United World College of India and the managing committee of Harvard
Business School's India Research Center. He is also a trustee of K.
C. Mahindra Education Trust and Mahindra Foundation. Mr. Yargop has
no family relationship with any director or officer of the Company
and as on April 27, 2009, owned two equity shares of the Company.
About Satyam Satyam (NYSE:SAY), a leading global business and
information technology services company, delivers consulting,
systems integration, and outsourcing solutions to clients in
numerous industries across the globe. Satyam leverages deep
industry and functional expertise, leading technology practices,
and an advanced, global delivery model to help clients transform
their highest-value business processes and improve their business
performance. The company's professionals excel in engineering and
product development, supply chain management, client relationship
management, business process quality, business intelligence,
enterprise integration, and infrastructure management, among other
key capabilities. Satyam development and delivery centers in the
US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China,
Malaysia, Singapore, and Australia serve numerous clients,
including many Fortune 500 organizations. For more information, see
http://www.satyam.com/. Safe Harbor This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements contained herein, including statements regarding the
allotment of the Initial Shares, 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.
DATASOURCE: Satyam Computer Services Ltd. CONTACT: Media Relations
of Satyam Computer Services Ltd., Web Site: http://www.satyam.com/
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