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Satyam rejects Rs 1,230-cr claims
November, 18th 2009

Mahindra Satyam on Tuesday rejected claims worth Rs 1,230 crore made by 37 companies linked to the companys former promoter B Ramaling a Raju in a filing to the stock exchange.

The company said the claims were legally untenable. Satyam received letters from these 37 companies reclaiming the money a day after Raju confessed to the Rs 7,000-crore fraud.

Raju, in his confession statement, said he owed Rs 1,230 crore to some of the privately-owned companies of the Raju family who had loaned out money to the IT firm. He said the amount was an understated liability and was not stated in the books of the firm that were dressed for seven years.

A Satyam spokesperson said the companies sent legal notices to Satyam two weeks ago. The notices claim the money back to allegedly repay their creditors, some of whom include Maytas Properties and Maytas Infra.

However, the information pack given to the bidders has listed this only as a claim and not a liability since there are no entries in the companys books.

After Rajus disclosure about financial wrongdoings, the Indian government had superseded the companys board appointing its nominees to monitor the fraud-struck firms bidding process. Tech Mahindra emerged as the highest bidder and acquired control of Satyam in April this year.

Satyam, while disclosing the financials for October-December 2008 quarter and the first two months of 2009, had said that the 37 companies had made claims totalling Rs 1,230 crore from it. The company then said it didnt acknowledge any of these claims as the matter was being investigated.

The fraud is still being investigated by the Central Bureau of Investigation, the countrys apex investigation body. Satyams shares closed at Rs 104.85 on BSE on Tuesday.

 
 
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