Mahindra Satyam has announced that it would submit a banker's cheque for Rs 350 crore to the Income Tax Department as directed by the Andhra Pradesh High Court recently. In a notice to the Bombay Stock Exchange, the company on Friday said that would also submit an unconditional bank guarantee for Rs 267 crore.
“After doing this, the Additional Commissioner of Income Tax shall withdraw the orders issued under Section 226 (3) of the IT Act. This will facilitate lift of freeze on the company's bank accounts,” the company said in the notice. The court direction followed after the company approached it for relief from the IT Department order that sought recovery of Rs 616 crore in tax dues.