Satyam Named as Mahindra Satyam
“Satyam Computer Services Ltd” was a reputed corporate company doing all the financial works for the World Bank. But the name “Satyam” is no longer used as the company dealt with negative situation due to the mishandling of the accounts. “Satyam“ has not reached its end but ONLY ITS NAME .
TechMahindra,the new owner of Satyam named it as MAHINDRA SATYAM as per the new business trend. Satyam’s tagline was “What Business Demands”. But now new Mahindra Satyam Company has no tagline below the logo stating that tagline was obvious. The sale of stake to Mahindra followed an accounting scandal at Satyam, in which founder B. Ramalinga Raju admitted that the company’s accounts had a fictitious cash balance of more than $1 billion for more than the years.
The name change from Satyam to Mahindra Satyam happened on 21st July 2009. The New Company, New Management unveiled the new brand identity of the company on this Sunday (21st July 2009). This name change is due to reason which almost everyone knows. As stated earlier the Satyam got into the hands of World Bank making fraud accounts and the case have been already filled on the older management. Later it was Mahindra & Mahindra Company which came forward to buy the Satyam Company. It was Anand Mahindra’s men who chose to take the charge of the Satyam Computer Services.
C.P. Gurnani, the new Chief Executive Officer (CEO) of the Mahindra Satyam was earlier the President of the International Operations done at the Mahindra & Mahindra Company. Mahindra’s Vice Chairman, Anand Mahindra announced this. In order to have a smooth journey between the Tech Mahindra and the Mahindra Satyam, a group of investigating officers to carry over the rapport operation between the two companies. These investigating officers are also responsible for the account section of the Mahindra Satyam. S. Durga Shankar is the newly appointed Chief Financial Officer of Mahindra Satyam and Vineeth Nayyar is the new executive vice chairman of both Mahindra Tech and Mahindra Satyam. The new logo of Mahindra Satyam is shown below:
According to Anand Mahindra, Mahindra Satyam is now presently concentrating on the Customer Centricity, High standards of corporate governance, commitment, purpose and proficiency of the organization and the proficiency in its people. This change of management is considered as a significant change in the corporate world and in India it is viewed as a milestone by many technologists since it is the first step towards the recovery of the company.
Tech Mahindra, a majority-owned subsidiary of diversified conglomerate Mahindra & Mahindra Ltd (MAHM.F 15.20, +1.95, +14.72%) (MAHD.Y 14.52, +0.08, +0.52%) , bought a one-third stake in Satyam (SAY 3.22, -0.12, -3.59%) in April.
The debate upon the name change took place from April 13th 2009, the day when the Tech Mahindra took the control of scam hit Satyam Computers. There was a great discussion among the brand experts and the analysts whether to go with the old name or to give a new name to the scam hit company.
Then at last, the panel came to a conclusion to change the name of the company. The reason behind this name change as given by the panel members was that the brand Satyam had created a negative impact on Indian corporate world. Hence, the removal of this name would definitely remove the negative impact made with a short span of time. The crucial dates of the Satyam to Mahindra Satyam are shown below:
- January 7th 2009 - Satyam Computers is held under Scam Hit Company
- April 1st week of 2009 - Tech Mahindra bought 31-per cent stake in the Fraud-hit IT major for Rs1, 756 Crore through issue of preferential shares in an auction process.
- April 13th 2009 - After acquiring Satyam, Tech Mahindra had a debate over the name change.
- July 21st 2009 - Satyam is now MAHINDRA SATYAM with a brand new logo.
The reason for the Tech Mahindra to go with the name the SATYAM in the new edition as MAHINDRA SATYAM as given by the sources was that “Satyam” means Truth in India. Hence, the Tech Mahindra does not want to lose the truth again, thus making the new name as Mahindra Satyam.
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