Mahindra Satyam says ready for new era sans 'Satyam' scam stigma
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After having to work twice as hard than its peers to get business for nearly four years since rescuing scam-hit erstwhile Satyam Computer, Mahindra Satyam says it is now ready for a new era and a stronger market position, sans the scam stigma attached with the 'Satyam' name.
"Mahindra Satyam always has to work two times harder to get business because we always need to explain the role of Mahindras in rescue of Satyam," Mahindra Satyam CEO and Managing Director C P Gurnani said in an interview here.
"However, now I am seeing merger (with Tech Mahindra) as an opportunity for rejuvenation. I see the merger as an opportunity for openly and boldly declaring to the world that now it's almost four years since we took over Satyam.
"It (the Satyam stigma) is behind us completely and now it is one entity focussed on IT engineering services for Mahindras and we are ready for business globally," Gurnani said in reply to a query about the stigma attached with the 'Satyam' name.
Asked whether he would favour dropping the 'Satyam' name from the nomenclature of the merged entity, the Mahindra Satyam CEO said he would favour doing so. Gurnani was here to participate in the World Economic Forum's Annual Meeting, where Mahindra Satyam was one of the strategic partners.
The country's biggest ever corporate scam came to fore in January 2009 when the erstwhile Satyam Computer's founder and then Chairman B Ramalinga Raju admitted to years of wrongdoings and overstating of financials at the company.
The company was later acquired by Mahindra group through a government-monitored auction and was renamed Mahindra Satyam. Subsequently, a deal was announced for its merger with Mahindra group's another IT arm, Tech Mahindra, and the completion of this amalgamation process is now in its final stages.