As merger process progresses, Mahindra Satyam and Tech Mahindra have set up a few task forces to look at how to synergise value propositions and optimise technology offerings.
“For one, we have formed one with Chief Technology Officers of the two companies. These two, with the help of another two executives from the team, would develop a three-year vision for technology development and innovation,” Mr C.P. Gurnani, Chief Executive Officer designate of MSat-TechM, said.
Addressing a press conference here, he said the two firms had 33 patents pending and over 200 publications on various technologies. The company was open for acquisitions if they found a right fit in its scheme of things.
Mr Vineet Nayyar, Chairman of Mahindra Satyam, said the tax rows and pending legal issues would not have any impact on the merger process. He said he would stick to the 8-9 month timeframe for the merger to complete.
The ghost of the past, however, continues to haunt the company. Consequent to Income Tax Department's notice in December 2011, the company has begun the re-assessment of the books for financial years 2002-03 to 2007-08. “It is in progress,” Mr Nayyar said.
Apart from this, it also faces a demand notice for Rs 796 crore and Rs 1,076 crore, respectively, for the financial years 2001-02 and 2006-07, respectively.
“The above disputes may result in additional interest or penalty in case of an unfavourable (court) order against us,” he said.
A writ petition by company on IT department's attachment order is pending for hearing on June 26, 2012. The department contended that there was a likelihood of a large demand to be raised against the company for 2002-08.