Spice Corp, L&T get ready with expert teams

L&T, a frontrunner in the race with over 12 per cent stake in Satyam, has sounded the top executives in L&T Infotech to get ready for a bigger task. “You should be ready for the task in the event of us winning the Satyam bid,” the L&T leadership told the top brass of its IT arm.

L&T was keen on Satyam as it wanted to increase the share of revenues from services over a period of time. From four per cent prior to the disclosures of former Satyam Chairman, B. Ramalinga Raju, L&T increased its stake in that company to over 12 per cent.

Spice group of experts

Mcorp Global Communications, the holding company of Spice Corp, has asked the seven-member board of Spice Innovation, the arm set up to explore opportunities in IT, to guide the company in the bidding process. Spice Innovation had a corpus of Rs 400 crore.

A top executive of the group told Business Line that the board consisted of experts in corporate affairs, markets, legal, company and human resources issues. K.L. Chugh (former ITC chairman), K.N. Memani (former Chairman and Managing Director of Ernst & Young), D.R. Mehta (former SEBI chairman), and A.V.K. Mohan (Head of Human Resources, Mcorp) figure in the board. The team would also help establish a board for Satyam.

“We will let the present management and 45,000-odd employees carry on as they are capable and understand the cultural ethos of Satyam. But we will certainly take stock of the performance later,” the Spice executive said.