Aug 30, 2011 06:13 PM IST | Source: CNBC-TV18

Mah Satyam-Tech Mah to appoint bankers to fasten merger

The merger process of Mahindra Satyam and Tech Mahindra is soon gathering steam. It is on the look out to appoint bankers to finalise the merger details. However, the tussle with the taxman may play spoiltsport, reports CNBC-TV18 quoting sources.

The merger process of Mahindra Satyam and Tech Mahindra is soon gathering steam. It is on the look out to appoint bankers to finalise the merger details. However, the tussle with the taxman may play spoiltsport, reports CNBC-TV18's Kritika Saxena quoting sources.

It is learnt that legal advice has been sought to settle tax issue with govt before merger. The company is in talks to negotiate tax settlement but may even push the merger process to January if the tax case is not settled. The companies have to meet the deadline of October 2011 to begin the merger proceedings.

However, calling it a market speculation, Mahindra Satyam has refused to comment at this development.

Mahindra Satyam had two tax cases pending with the taxmen claiming over Rs 2700 crore for both.

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