Mahindra Satyam is working on proposals to position itself as an information and communication technology (ICT) company as against its present profile as an IT company to pave for its merger with Tech Mahindra.
C. P. Gurnani, Chief Executive Officer, Mahindra Satyam, explained to journalists in an informal interaction here on Monday that the Mahindras were likely to go ahead with the plan after restatement of the financials. “We need a change of positioning as an ICT company because of our strong linkage with Tech Mahindra by bringing in connectivity and communication”, Mr. Gurnani said with the rider that approvals had to be obtained from the annual meetings and other statutory bodies.
Describing Mahindra Satyam’s journey so far as a mix of ‘good and bad’, he said the top priority was to restore the confidence of employees, clients and the shareholders. He said more than 100 out of 500 customers left Satyam after the scam broke out in January this year but the company did not lose any money on account of the desertion.
Bain & Co. had been appointed as a consultant to win back these customers back and offer new value services to the new and existing companies.
Declining to go into the details, he said there was no move to de-list Mahindra Satyam from the New York Stock Exchange (NYSE). About its dispute with the British company, U-paid, he said discussions were continuing (for an out-of-court settlement) and re-negotiations were on with the FIFA, the international football body, for technology sponsorship of the next World Cup.
Mr. Gurnani disclosed that a nine-member ‘Shadow Board’ (of directors) employees in the 28-32-year age group had been constituted and all information, except of the sensitive kind, was made available to it to discuss issues ranging from governance to strategy and brainstorm with the BoD. Asserting that the signals from the market and the customers were positive, he said the company’s BPO arm was in the track of recovery and had added 1,200 people till September.