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Mahindra Satyam has extended the validity of the scheme of amalgamation for six months more.
The scheme is to end on March 31. But the board of directors has taken a decision to extend the validity up to September 30, keeping in view the pending legal issues in Andhra Pradesh.
The scheme of amalgamation calls for merger of Mahindra Satyam with Tech Mahindra and a few other Mahindra group firms.
Though group received permission from the Bombay High Court and other statutory bodies, it is yet to get a nod from the Andhra Pradesh High Court. The court is hearing a couple of petitions by IL&FS and a few companies that are reportedly owned by the former Satyam Chairman Ramalinga Raju.
They were demanding repayment of alleged advances they made to Satyam Computer Services during the Raju regime. The investors challenged the swap ratio that they alleged went against the interests of Satyam investors.
>kurmanath.kanchi@thehindu.co.in
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