Mahindra Satyam & Tech Mahindra Going to merge in 2012 – Chairman Vineet Nayyar said
While Declaring the Q2 results of Mahindra Satyam, Chairman Vineet Nayyar said that Mahindra Satyam’s will Merge with its parent firm Tech Mahindra in the next year 2012.
“It is a process. We are looking at it when to commence it and we are hoping that by the next year, some time in later half of the year, this amalgamation will in fact take place,” he told reporters while declaring Q2 results of Mahindra Satyam.
Tech Mahindra winning the bid for the company in April 2009, a few months after Satyam was rattled by India’s biggest corporate fraud and made an indication of merging intention. But still That intention remains. In May this year, he hinted that the merger may be delayed as it is a legal process which has to go to two high courts.
Tech Mahindra Mostly Resolved almost all cases in the US which arose because of the fraud committed by the Satyam Before.
On the Income Tax department’s notice to pay Rs.616 crore tax, Mahindra Satyam CEO C.P. Gurnani said the demand on fictitious income was unreasonable. “That is the reason we have choosen to go to court and are seeking justice,” he said.
Let’s hope that this issue will be solved as soon as possible..