HC stay on ED order to attach MSat deposits

Tags: News
The Andhra Pradesh High Court on Tuesday stayed a provisional order of enforcement directorate (ED) issued in October attaching Rs 822 crore deposits of Mahindra Satyam.

The ED had said the fixed deposits could be the money belonging to Satyam founder B Ramalinga Raju. The company contested this saying that when Satyam was acquired, it did not have any deposits and funds were borrowed to keep the operations going.

“The High Court interim judgement vindicates our position and should give further reassurance to all our customers and stakeholders regarding our ability to carry on business as usual,” the Mahindra Satyam spokesperson said.

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