Tuesday, April 21, 2009

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Laying off Satyam's employees last option: Tech Mahindra

The new owner of Satyam Computer, Tech Mahindra, has said it has adequate working capital to meet the expenses of the company it is acquiring, and laying off Satyam's employees will the last option only.

"We have the requisite capital to meet the expenses including salaries. The cash flow will be maintained," Tech Mahindra Director and President of the IT sector, (Mahindra Group) Ulhas Yargop told reporters on Monday after the first-ever meeting of Satyam Board and senior officials of Tech Mahindra.

Tech Mahindra Vice-Chairman and Managing Director Vineet Nayyar said after taking over Satyam, it will go into the entire gamut of the company and may decide upon retrenchment of employees, which would be the last option.


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