Tags: New Delhi , Premchand Gupta , Satyam Computer

New Delhi: The government today said there would not be any delay in constituting the new board of Satyam Computer and exuded confidence that the incoming management would retain the existing staff.

"There would not be any undue delay, all the procedures would be followed... Satyam has very well experienced people working. The employees are always (the) foundation of the company. No wise management would like to unnecessarily disturb employees of the company," Corporate Affairs Minister Premchand Gupta told reporters.

When asked whether the present government's nominees would be there on the new board, Gupta said it is for the acquirer to decide on the issue.

"The final call has to be taken up by the (new) board of the company," he said.

Gupta refused to reply on further queries on the issue, saying first the Company Law Board has to approve the merger.

"Right now, they (Satyam) have to move honourable CLB. Unless, they take a view I can't say anything and it would not be fair on my part...," he said.

To a query on lay offs, he said there are certain restrictions on the new management in the deal.

"Any new management will have to follow (these conditions), like there is lock-in period for stripping off asset and transfer of shares. Similarly, I think there should be some restrictions on employees lay-off also," he added.

On Monday, Satyam found a new owner in industrial conglomerate Mahindras with an offer of Rs 58 a share-entailing up to Rs 2,900 crore for 51 per cent stake in the scam-tainted IT company. Having won the bid for 31 per cent stake, Anand Mahindra- led group's IT arm Tech Mahindra would make an offer for an additional 20 per cent stake within a week of getting clearances from the CLB.

Gupta said, "I am happy, it is a good development. It was an uphill task which we took up, now we have been able to bring it to logical conclusion. The government has maintained complete transparency in the entire process."

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