Hyderabad-based Satyam Computer Services Ltd. notified on Tuesday that it has got regulatory approval from NYSE Euronext, to delist its American depositary shares, effective May 20.

NYSE Euronext is a Euro-American corporation that operates multi-securities exchanges.

The latest development comes after Venturbay Consultants Private Ltd, a subsidiary controlled by Tech Mahindra last week emerged as the highest bidder to acquire a majority stake in the troubled software company.

Tech Mahindra, an M&M-promoted company, has notified that it has successfully raised Rs 600 crore of debt through issuance of bonds.

The company said that it has allotted 6,000 non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 600 crore on April 17.

Recently, Tech Mahindra through its arm Venturbay Consultants, won the race to acquire controlling stake in scam-hit Satyam Computer. The company has to pay Rs 1,756 crore by April 21, for acquisition of a 31 per cent stake in the company.

According to Economic Times' reports, Kiran Karnik, the government-appointed Chairman of the scandal-ridden Satyam Computer Services said that up to 10 percent of the company's 48,000-strong workforce might be rendered redundant, as the founder had hired excessive staff to conceal the monetary scam at the firm.

The proposed move of downsizing the staff comes after mid-sized outsourcer Tech Mahindra Ltd - the highest bidder of this week's bid for a controlling stake in the Satyam Computer - took over the company.

Complying with the legal orders pertaining to specimen signatures, based on a petition filed by the CBI, the scandal-plagued founder of Satyam Computer Services, B Ramalinga Raju and his four accomplices in the Rs. 7000 crore swindling at the IT company, have furnished their signatures on Thursday. All of the accused are currently in judicial custody.

With the liability position of the deceit-ridden IT company, the Hyderabad-based Satyam Computer Services, looming large on the minds of the prospective bidders, at least three such bidders - L&T CFO YM Deosthalee and director JP Nayak; and Tech Mahindra CEO Vineet Nayyar and president CP Gurnani - separately met the Satyam board on Friday, seeking clarifications on certain issues before their go-ahead with the financial bids.

L&T and Spice Group have emerged as front runners among seven other players for acquiring 51 per cent stake in the tainted Satyam Computer Services.

The company has been in limelight following the disclosure of largest ever corporate auditing fraud by its founder chief B Ramalinga Raju and other top executives of the Indian outsourcer.