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Wednesday, November 18, 2009

Satyam Computer - Updates

Satyam Computer Services Ltd has informed that:

"Mahindra Satyam has received legal notices from 37 companies claiming a refund of Rs. 1230.40 crores (equivalent to around USD 265 million at exchange rate of Rs. 46.47 per US Dollar), allegedly given as a temporary advance. The notices claim the money back to allegedly repay their creditors, some of whom include Maytas Properties Ltd. and Maytas Infra Ltd. The confession letter dated January 07, 2009, of Mr. Ramalinga Raju, former Chairman of the Company, also refers to net amount of Rs. 1230 crores arranged to the Company by the 37 companies. On November 14, 2009, Mahindra Satyam has replied to the legal notices stating that the claims are legally untenable.

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