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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Lower listings rate is proof that the Indian market is maturing

    The bullishness on Dalal Street notwithstanding, the pace at which new companies are being listed on Indian stock exchanges is declining.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Building great cities (and nations)

Fifteen to twenty years’ span is the time when humans ...

Rajgopal Nidamboor

The essence of amplified action

It is something that ‘separates’ us from other living creatures. ...

Shona Adhikari

All roads lead to Delhi, as it gears up for art fair

With the seventh edition of India Art Fair (IAF) coming ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture