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Satyam to delist from NYSE Euronext; retain members

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  • A day after Tech Mahindra won the race for the takeover of Satyam Computer Services, the scam-hit IT company has filed an application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam. Satyam’s American Depositary Shares (ADSs) are currently traded on Euronext Amsterdam. However, its ADSs are expected to remain listed and traded on the NYSE. “The company does not currently intend to delist from any of the BSE, the NSE or the NYSE,” it said. Meanwhile, UK telecom giant BT Group, which holds 31 per cent stake in Tech Mahindra, said it backed Tech Mahindra’s decision to bid for Satyam Computer. The company also said on Tuesday at least two members of the government-appointed board of Satyam would continue as its directors even after Tech Mahindra acquires the scam-hit IT firm. The board currently comprises six members nominated by the Central government. While the board would be restructured once Tech Mahindra gets management control, as part of the deal, some government nominees would continue as directors of the company, Satyam said.

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