Stage set for Mahindra Satyam’s merger

March 20th, 2012 - 10:42 pm ICT by IANS  

Ramalinga Raju Hyderabad, March 20 (IANS) The stage is set for the long-awaited merger of Mahindra Satyam with its parent company Tech Mahindra Ltd.

The boards of the two companies will meet Wednesday to take a decision. The announcement will be made at a joint press conference.

The merger was proposed after Anand Mahindra-owned Tech Mahindra purchased Satyam Computer Service Ltd in 2009 and renamed it Mahindra Satyam.

The government auctioned the Hyderabad-based IT services firm Satyam after its founder and chairman B. Ramalinga Raju admitted to committing India’s biggest accounting fraud.

However, the merger was put on hold in view of the investigation into the Satyam fraud by various agencies.

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