'Satyam' not to be delisted from NYSE: Spokesman
Even after Tech Mahindra took over the beleagured IT company, Satyam, the company will remain listed only as 'Satyam' on the New York Stock Exchange (NYSE).
Mired in accounting fraud of about 1.5 billion dollars after disclosure in January this year by Satyam founder Byrraju Ramalinga Raju, Tech Mahindra had taken over the management with the Company Law Board (CLB) clearance and rechristened it as ''Tech Mahindra Satyam''.On the NYSE, it will continue as Satyam ''and we have no intention to delist it (from NYSE)'', a spokesman of the Tech Mahindra Satyam said here today.IT was also in talks with the UK's mobile payment company Upaid for a settlement of the two class action law suits it had filed claiming damages of about 1.5 billion dollars from Satyam after the scam came into light.Meanwhile, Satyam was being repositioned as a Information-communication-Telecom (ICT) company, instead of a IT company as Satyam was. It will leverage the telecom expertise of Tech Mahindra which was associated with British Telecom for major portion of its business till the Satyam takeover.However, the merger of the two companies will not take place till reinstatement of Satyam accounts for which CLB have given time till June end next year. The company has asked KPMG and Deolittee to reinstate the Satyam account for the last five years till Mr Raju's disclosure.
POSTED BY:-
SHILPI KUMARI
PGDM-3 rd SEM