Is Patni On The Block? There are persistent rumours of a feud in the promoter family. And a host of suitors is circling over it, waiting to pounce.
Business Today, June, 2007 by Anusha Subramanian
It's a tantalising proposition. Is Patni Computer Systems, India's sixth-largest it company and one of the pioneers in the sector in India, up for sale? The corporate and media grapevine is buzzing with whispers of an imminent deal. Adding grist to the mill are rumours of discord between Narendra Kumar Patni, Chairman & CEO, Patni Computer Systems, who manages the company, and his two brothers, Gajendra Kumar and Ashok Kumar, who are, effectively, passive investors despite sitting on the Patni Board as Executive Directors. Each brother owns a little over 14 per cent of the company. So, any investor who buys out Gajendra and Ashok will have to launch an open offer for another 20 per cent in terms of the SEBI Takeover Code, taking his stake to at least 49 per cent.
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