Mahindra Satyam AGM for July 31 cancelled

Satyam Computer Services is now a thing of the past. The company, which was named Mahindra Satyam after it was acquired by Mahindras, has ceased to exist following the company submitting to the Registrar of Companies certified copies of the Andhra Pradesh High Court’s order allowing the amalgamation.

Consequent to this, the company has cancelled the annual general meeting scheduled for July 31. The company informed the exchanges about the cancellation on Tuesday.

“We submitted the copies to the Registrar of Companies on Monday evening. Now we are a merged entity. There is no need for us to hold a standalone AGM now. We can hold the combined AGM dates for which will be announced later,” a Mahindra executive told Business Line.

Announcing the completion of the merger on Monday, Anand Mahindra, Chairman and Managing Director of Mahindra Group, unveiled the new logo of the firm.

A top-5 IT services firm in the country after TCS, Cognizant and Infosys, Wipro, HCL, Tech Mahindra has 84,000 employees working in 46 countries. Its revenue for 2012-13 was put at $2.7 billion.

The company targets to achieve $5 billion by 2015.

"Over the past four years while we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage best practices and deliver enhanced value to all our stakeholders," Vineet Nayyar, Executive Vice-Chairman, Tech Mahindra, said.

The court gave its nod early this month after dismissing the claims of some ‘creditors’ who claimed that the company borrowed about Rs 1,230 crore from them during the Ramalinga Raju days. Some minority shareholders too objected to the merger, saying the swap ratio was not favourable to them.

While dismissing their claims against the amalgamation, the court said the merger could go ahead, while the pending matters in various aspects of the fraud continue.

The company announced a dividend of 30 per cent for the investors. It is the first dividend after the Mahindras took over the company in April 2009, winning the bid to own the scam-hit company.

(This article was published on June 25, 2013)
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