The Company Law Board (CLB) on Thursday approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer and asked the buyer to deposit Rs 1,756 crore for the deal by April 21 in a designated account.

The CLB, in its order, also asked Tech Mahindra to nominate a maximum of four directors on Satyam's board after depositing the required capital towards the stake purchase. It said that Venturbay Consultants Pvt Ltd, a subsidiary controlled by Tech Mahindra, shall deposit Rs 1,756 crore for 31 per cent equity shares in Satyam in the escrow account by April 21, 2009.