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The Andhra Pradesh High Court on Wednesday granted conditional access to Mahindra Satyam to its bank accounts which were frozen last week.
While hearing a writ petition filed by Mahindra Satyam challenging the Central Board of Direct Taxes' (CBDT) directive to pay Rs 616 crore in tax arrears, a Division Bench passed an order directing Mahindra Satyam to give a cheque of Rs 350 crore and a bank guarantee for Rs 267 crore to the IT Department. The company could operate its accounts on these two conditions, it said.
Earlier, the counsel for Mahindra Satyam submitted to the court that it would be a ‘disaster' if the company was not allowed to access the accounts. “We don't have money to pay the salaries as they are our operating funds,'' he said adding that the company was receiving many ‘enquiries' from its clients on the issue.
The case has been posted for next hearing on April 20.
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