'Satyam need not merge with Tech Mahindra'

Posted By: Staff
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Hyderabad, Feb 14: Mahindra Satyam may not necessarily be merged with Tech Mahindra. It could even be the other way round, said Anand Mahindra, vice-chairman and managing director, Mahindra and Mahindra.

Addressing a conference here, he said, "Obviously the end goal is to merge the two companies. We have not yet decided which company will merge with which. We will decide that once the accounts are in hand."

Mahindra said, "We are hoping to complete the process. But it is not in our control. The audit is being done by KPMG and others. However, the merger will definitely take place."

The Company Law Board (CLB) has set Jun 30 as the deadline for Mahindra Satyam to file its re-stated accounts.

Earlier, the CLB had set Dec 31, 2009 as the deadline for the IT firm to re-state accounts.

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