Satyam, TechM merger may get delayed: Nayyar
Tuesday, 24 May 2011, 04:02 IST
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Hyderabad: The merger of Mahindra Satyam and Tech Mahindra may get delayed on account of legal and procedural issues, a company official said today. "Integration involves some legal process. We have to approach the High Courts of Andhra Pradesh and Maharashtra for approvals and there can be delays. We are still looking at April-May of next year," Mahindra Satyam Chairman Vineet Nayyar said after announcing the financial results. The company had earlier indicated that both the entities would be integrated by FY12. Nayyar said they cannot reveal if Mahindra Satyam would merge into Tech Mahindra or other way around. In February, Mahindra Satyam said it had put on hold the merger proposal due to the ongoing probe into the multi-crore Satyam accounting fraud. "We are working jointly in marketing and execution of various projects. Major telecom projects are being diverted to Tech Mahindra as they have expertise in the domain," a senior official earlier had said. Mahindra Satyam today posted a consolidated net loss of Rs 327 crore for the quarter ended March 31, 2011, on account of exceptional expenditure, including payments made to settle SEC and Upaid lawsuits in the US. Revenues for the fourth quarter registered a growth of 7.5 percent vis-a-vis the previous quarter to Rs 1,375.3 crore.
Source: PTI
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