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E-mail ID will not be published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

  • Prabhu Express has trundled into town with a cargo of feel-good promises

    Railway minister Suresh Prabhu, punning on his own name, sought divine intervention more than once while delivering his maiden rail budget last Thursd

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

Urs Schoettli

The hidden attractions of Japan

We live in the Asian century. During the past two ...

Zehra Naqvi

Star power

Being a part of the generation that gorged on Shah ...

Bubbles Sabharwal

The waking moment decides the day

There was a little girl/ Who had a little curl/ ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture