Tech Mahindra-Satyam to merge in November

Wednesday, 29 September 2010, 18:30 Hrs
Printer Print Email Email
Hyderabad:The merger of Satyam Mahindra with its parent firm Tech Mahindra will start after Nov 15 and is likely to be completed within a year, company chairman Vineet Nayyar said Wednesday.

"Before we start the merger process, the company has to be current in terms of its account. That will happen hopefully by Nov 15. Thereafter we will commence the procedure, which involves approaching the high courts of Andhra Pradesh and Maharashtra," Nayyar told reporters.

He said after getting legal approval, the company would approach financial consultants and accountants to determine share value and swap ratios.

"Normally this process takes nine months to a year," he added.

Tech Mahindra bought the fraud-hit Satyam Computer Services in April 2009 and renamed it Mahindra Satyam. It is operating as an independent company.
Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..