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.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture