However, the government-appointed board has decided against endorsing the open offer saying it would be construed as a “negative statement” about fundamentals.
Satyam board chairman Kiran Karnik said some of the government-appointed members of the board may be disengaged from the firm within the next week. The government nominees include Kiran Karnik, CII chief mentor Tarun Das, HDFC Chairman Deepak Parekh and former ICAI President T M Manoharan.
Tech Mahindra’s Rs 1,154.66 crore open offer, which begins on June 12 would close on July 1, 2009. Kotak Mahindra Capital and UBS are managers of the offer.
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