India's Company Law Board on Thursday approved a bid from mid-sized outsourcing firm Tech Mahindra to take over graft-tainted Satyam Computer Services, an official said. Venturebay, a subsidiary of Tech Mahindra, will pay just over 350 million dollars for a preferential allotment of new shares in Satyam, to pick up a 31-percent stake in the company by April 21.
"I accept the recommendation, with the hope that by adopting best corporate governance practices, Venturebay would over the years make Satyam regain its glory in real terms," the board's chairman S. Balasubramanian said in a statement.