4 government directors to be withdrawn from Satyam board

NEW DELHI: Four of the six government nominated directors will be withdrawn from the

board of Indian outsourcer Mahindra Satyam Ltd, the chairman of India's Company Law

Board (CLB) said on Friday.

The CLB will pass an order next week asking two government-appointed directors to

remain on the board of Mahindra Satyam, S. Balasubramanian told Reuters.

The board of the company, formerly known as Satyam Computer Services, was dissolved

by the government in January after its then chairman and founder Ramalinga Raju revealed

India's biggest corporate accounting fraud.

The government then set up a new six-member board to stabilise the struggling software

firm, which was later put up for sale.

Tech Mahindra, majority owned by Mahindra & Mahindra, won an auction in April for a

controlling stake in Mahindra Satyam. The new parent last month revamped the top

management of Mahindra Satyam.

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