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Raju, in his confession statement, said he owed Rs 1, 230 crore to some of the privately-owned companies of the Raju family who had loaned out money to the IT firm. He said the amount was an understated liability and was not stated in the books of the firm that were dressed for seven years. A Satyam spokesperson

vThe notices claim the money back to allegedly repay their creditors, some of whom include Maytas Properties and Maytas Infra. However, the information pack given to the bidders has listed this only as a claim and not a liability since there are no entries in the company’s books.

After Raju’s disclosure about financial wrongdoings, the Indian government had superseded the company’s board appointing its nominees to monitor the fraud-struck firm’s bidding process. Tech Mahindra emerged as the highest bidder and acquired control of Satyam in April this year. Also Read → Nilekani draws up plan to earn Rs 288 cr annually → Mahindra Satyam ties up with Gen-i, Australasian ICT → Satyam gets notices for Rs 1, 230 cr worth claims → Satyam ties up with Aussie co for

Satyam, while disclosing the financials for October-December 2008 quarter and the first two months of 2009, had said that the 37 companies had made claims totalling Rs 1, 230 crore from it. The company then said it didn’t acknowledge any of these claims as the matter was being investigated. The fraud is still being investigated by the Central Bureau of Investigation, the country’s apex investigation body. Satyam’s shares closed at Rs 104.85 on BSE on Tuesday.

Share Save Comment Text: HYDERABAD: Mahindra Satyam on Tuesday rejected claims worth Rs 1, 230 crore made by 37 companies linked to the company’s former promoter B Ramalinga Satyam's rise, fall and resurrection Decoding the Satyam buy The crux of the scam in Satyam Raju in a filing to the stock exchange. The company said the claims were legally untenable. Satyam received letters from these 37 companies reclaiming the money a day after Raju confessed to the Rs 7, 000-crore fraud. Raju, in his confession statement, said he owed Rs 1, 230 crore to some of the privately-owned companies of the Raju family who had loaned out money to the IT firm. He said the amount was an understated liability and was not stated in the books of the firm that were dressed for seven years. A Satyam spokesperson said the companies sent legal notices to Satyam two weeks ago. The notices claim the money back to allegedly repay their creditors, some of whom include Maytas Properties and Maytas Infra. However, the information pack given to the bidders has listed this only as a claim and not a liability since there are no entries in the company’s books. After Raju’s disclosure about financial wrongdoings, the Indian government had superseded the company’s board appointing its nominees to monitor the fraud-struck firm’s bidding process. Tech Mahindra emerged as the highest bidder and acquired control of Satyam in April this year. Also Read → Nilekani draws up plan to earn Rs 288 cr annually → Mahindra Satyam ties up with Gen-i, Australasian ICT → Satyam gets notices for Rs 1, 230 cr worth claims → Satyam ties up with Aussie co for Windows7 migration services Satyam, while disclosing the financials for October-December 2008 quarter and the first two months of 2009, had said that the 37 companies had made claims totalling Rs 1, 230 crore from it. The company then said it didn’t acknowledge any of these claims as the matter was being

investigated. The fraud is still being investigated by the Central Bureau of Investigation, the country’s apex investigation body. Satyam’s shares closed at Rs 104.85 on BSE on Tuesday. Read business stories in हिंदी | ગુજરાતી Print EMail Discuss Share Save Comment Text: Related Stories Infosys margin expansion unlikely this year, says COO RIL eyes overseas buys for growth Don't know if Ambanis colluding or clashing: Additional solicitor general Your dream home may come at a hidden

Copyright © 2009 Bennett Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service This site is best viewed with Internet Explorer 6.0 or higher; Firefox 2.0 or higher at a minimum screen resolution of 1024x768 M Satyam rejected claims worth Rs 1,230 cr made by 37 cos linked to the former promoter Ramalinga Raju. Satyam's rise, fall and resurrection | Satyam scam Bookmark / Share Hotklix this Google Bookmarks Facebook Buzz up! StumbleUpon Reddit More

HYDERABAD: Mahindra Satyam on Tuesday rejected claims worth Rs 1,230 crore made by 37 companies linked to the company’s former promoter B Ramalinga Satyam's rise, fall and resurrection Decoding the Satyam buy The crux of the scam in Satyam Raju in a filing to the stock exchange. The company said the claims were legally untenable. Satyam received letters from these 37 companies reclaiming the money a day after Raju confessed to the Rs 7,000-crore fraud. Raju, in his confession statement, said he owed Rs 1,230 crore to some of the privately-owned companies of the Raju family who had loaned out money to the IT firm. He said the amount was an understated liability and was not stated in the books of the firm that were dressed for seven years. A Satyam spokesperson said the companies sent legal notices to Satyam two weeks ago. The notices claim the money back to allegedly repay their creditors, some of whom include Maytas Properties and Maytas Infra. However

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