On Sunday, June 22, a page turned in the chequered history of Satyam Computer Services, one of the country’s marquee names in the field of information technology and outsourcing. Tech Mahindra, which bought a controlling stake in Satyam after the latter was crippled by a Rs 7,000-crore fraud committed by its founder and erstwhile chairman Ramalinga Raju in January this year, has re-branded the company Mahindra Satyam.
The move marks a major development towards Satyam’s resuscitation after the government took control of the company and nominated directors to its board after Raju admitted to inflating the company’s balance sheet. A lengthy bidding process for Satyam then ensued, which culminated with Tech Mahindra emerging the highest bidder. A formal launch of Mahindra Satyam’s logo would take place later this week, sources said. Six senior officers from the Tech Mahindra have been nominated to Mahindra Satyam, sources added.
"This rebranding exercise symbolises an amalgamation of the Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organisation and its people," Anand Mahindra, vice-chairman and managing director of the Mahindra Group, said.
Former Nasscom chief Kiran Karnik, who was appointed as Satyam chairman by the government, said he was delighted by the new brand name. Karnik added that it was a matter of time before the government nominees would step down from the board to hand over the reins completely to the new management.
"This is a significant milestone towards the recovery of the company (Satyam). We are optimistic that this new brand will re-energise the organisation and will be well received by all our stakeholders," Vineet Nayyar, Managing Director and CEO of Tech Mahindra, said.
"With this initiative, we will witness steps by the management to adopt and inculcate the values of ‘performance and customer first’, ‘good corporate governance and citizenship’, which are drawn from the Mahindra Group. With this synergistic approach, Mahindra Satyam will learn from the best management practices of the Mahindra Group while focusing on nurturing Satyam’s innate skills and capabilities."
SOURCE: MC
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