On 13 April 2009, via a formal public auction process, a 46% stake in Satyam was purchased by Mahindra and Mahindra owned company Tech Mahindra, as part of its diversification strategy.
The current happenings and facts about this venture are as follows
- Tech Mahindra was known as TechM and also Satyam Computers after the collaboration.
Headquaters in pune-
- Also Hyderabad High Court (on Friday) ordered removal of Tech Mahindra from the chargesheet
- The chargesheet was filled by the ED (Enforcement Directorate) for money laundering against the SCSL Company and its Promoters.
- In the chargesheet, the founder of Satyam “B Ramalinga Raju” was included amongst the 200 people as acused.
- ED’s point was that since the company acquired Satyam it is supposed to be accused of all the charges.
- ED’s lawyer was P. S. P. Suresh Kumar who investigated the TechM company under the Prevention of Money Laundering Act (PMLA).
- Mahindra also approached the HC to deny the opposition team’s statement.
- Justice P Naveen Rao on Monday declared that Tech Mahindra is not to be held responsible for the acts committes by SCSL (Satyam Computers Services Limited) before the merger.