Tech Mahindra-Satyam to merge in November

Wednesday, 29 September 2010, 18:30 Hrs
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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
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