Monday, March 25, 2013
SATYAM MERGER EXTENDED BY 6 MONTHS
Tech Mahindra today said it has extended the proposed merger of Mahindra Satyam with itself for six months. The company in a BSE filing said that its "board of directors
extended the validity of the (amalgamation) scheme by a further period
of six months i.e. up to September 30, 2013." The board has
extended "scheme of amalgamation and arrangement of Venturbay
Consultants Pvt Ltd and Satyam Computer Services Ltd and C&S Systems
Technologies Pvt Ltd and Mahindra Logisoft Business Solutions Ltd and
CanvasM Technologies Ltd with Tech Mahindra Ltd and their respective
shareholders and creditors", it said. Tech Mahindra took over reins of
the scam-tainted Satyam Computers in April 2009 and rebranded it as
Mahindra Satyam. Last year, it had announced the merger of two
companies and have secured the mandate of both the boards and
shareholders, barring the minority ones, who have challenged the
swap-ratio in the Andhra Pradesh High Court. In February this year,
Tech Mahindra had expressed the hope that the proposed merger of
Mahindra Satyam with itself will be completed shortly. Shares of Tech
Mahindra today fell by 0.19 per cent to settle at Rs 1,045.80 apiece
from their previous close at the BSE.
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