Thursday, March 26, 2009

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Satyam shortlists key 100 employees to be retained

Troubled Satyam computers is believed to have short-listed 100 key employees to be retained in the company when a new owner takes control of it, which is expected to happen by April 30, reported The Economic Times.

Among the various pre-requisites, a shortlisted bidder, if he is finally selected as the owner, has to agree with retaining key employees for a year. A senior company official is understood to be assisting a special advisor to the board and a career consulting agency to identify key employees. The final list should get approved by the government-appointed board of Satyam.

Meanwhile, a company spokesperson said, "We are not aware of any short-listing being done by the mentioned individuals or by anyone else for that matter. It is absolutely speculative." However, according to a person close to the development, retention of key employees is needed for business continuity and to help the firm retain clients. "Key employees stood by the company during the crisis. While a new owner will bring his own team, the services of existing employees may be needed to help the new team in the initial phase," the person added.

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