M Satyam chief: Tech Mahindra-Satyam merger may be delayed further
April, 27th 2011
Mahindra Satyam's merger with parent company Tech Mahindra has been on hold for some time now. The process may be delayed further as the US regulators want pre-2002 accounts to be restated, said Mahindra Satyam chief CP Gurnani. "The Indian government has, however, asked the US regulators to reconsider plea," he told CNBC-TV18.
We still need to work through the investigating agencies, he said, adding that there were no impending tax issues on the merger. "We will start the Tech Mahindra and Mahindra Satyam merger procedure soon."
The company, Gurnani said, was discussing the possibility of filing a case against Ramalinga Raju (the disgraced Satyam founder) and global auditing firm PriceWaterhouse (PW). "It doesn't matter whether the legal recourse happens in India or abroad. Shareholders deserve that we seek legal recouse."