Satyam to put 7,000-10,000 staff on "virtual pool"
BANGALORE (Reuters) - Satyam Computer Services said on Thursday it plans to put about 7,000 to 10,000 staff on "virtual pool" as part of the fraud-hit outsourcing firm's strategy to manage excess staff and cut costs.
The staff put on virtual pool will get part of their salary for up to six months, effective from this month, Satyam said in a statement after a board meeting in Hyderabad.
Satyam's founder and former chairman shocked investors in January by saying profits had been overstated for years, putting in doubt the survival of a company once ranked as India's fourth-largest software services exporter.
In April, Indian outsourcer Tech Mahindra won an auction for a controlling stake in Satyam, with a bid that could top $580 million depending on the outcome of an open offer that is being launched on Friday.
(For full coverage on Satyam click here)
(For Quotes and Interactive Charts of Satyam Computer Services click here)
(For more news on Reuters Money click in.reuters.com/money)
© Thomson Reuters 2009 All rights reserved
REUTERS WEEKEND
UK joins G20 push for world levy on banks
Britain threw its weight behind proposals to impose a global levy on banks to fund future bailouts and called on the G20 to work toward a $100 billion deal to meet the cost of climate change. Full Article | Full Coverage
