Mahindra Satyam is being penalised for picking up victim: CP Gurnani

Jan 24 2013, 11:49 IST
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Tech Mahindra acquired Satyam Computer Services in April, 2010 and later renamed the company Mahindra Satyam.  (Reuters) Tech Mahindra acquired Satyam Computer Services in April, 2010 and later renamed the company Mahindra Satyam. (Reuters)
SummaryThe company says tax and other cases against it are like penalising ambulance for picking up victims.

merger. We are waiting for the Andhra Pradesh High Court judgement approving the merger and that is probably the only thing pending now towards the merger."

Gurnani further noted that "as a merged entity, we are very differentiated in the market as we are the only company which is focussed on network communications and connectivity, which is today backbone of individuals and enterprises".

Tech Mahindra acquired Satyam Computer Services in April, 2010 and later renamed the company Mahindra Satyam.

"It is a phenomenal experience and all I can say that customers are very enthusiastic about it and we are looking forward to it," Gurnani said.

A group of minority shareholders of Mahindra Satyam (formerly Satyam Computer Services) had filed a petition in the Andhra Pradesh high court opposing the proposed share-swap ratio, among other things, for merger with Tech Mahindra.

The petitioners have requested the court to revise the swap-ratio of 2:17, giving shareholders two Tech Mahindra shares for every 17 owned in Mahindra Satyam.

Mahindra Satyam's merger with Tech Mahindra has been cleared by the BSE and the National Stock Exchange. Competition watchdog Competition Commission of India (CCI) has also approved the proposed merger that when completed will create a USD 2.4 billion entity.

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