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Satyam recalls 400 associates from Virtual Pool programme
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Satyam recalls 400 associates from Virtual Pool programme
Close to 10,000 associates had received sabbatical letters as part of the VPP, settling for a ‘basic’ pay in addition to provident fund and medical insurance. The IT outsourcing company, however, had earlier maintained that the employment status of staff under the VPP will be undisturbed and they may be recalled and reinstated on full pay and benefits, based on business recruitments.
“About 400 associates of the 10,000 identified staff for VPP have been called back and are now busily occupied with new business contracts, primarily in application development and maintenance services (ADMS), integrated engineering and SAP implementation services,” a Satyam spokesperson told Business Standard.
About 18 head honchos of Tech Mahindra, including its chief executive officer Vineet Nayyar and global operations head CP Gurnani, who joined the Satyam board on June 1, are already camped at Satyam’s Infocity campus here from the past two days. They will be meeting nearly 90 top leaders of Satyam at the ‘Leadership Meet’ scheduled to be held on June 20 and June 21.
Status on the implementation of the VPP, open offer for the remaining 20 per cent stake acquisition in Satyam in the event of its stock surging past the offer price of Rs 58 to nearly Rs 80 now, too will be part of the agenda during the two-day Leadership Meet. “Drawing a roadmap on how to take advantage of each others (Tech Mahindra and Satyam) strengths will be the underlining theme of the Leadership Meet,” the spokesperson said.
Incidentally, cross-sharing of Satyam personnel with Tech Mahindra has already begun with the company understood to have placed nearly 400 employees with the latter till date.
Source:
http://www.business-standard.com/india/news/satyam-recalls-400-associatesvirtual
