IT company Tech Mahindra moved the Supreme Court on Saturday against the Enforcement Directorate (ED) in the Satyam scam proceedings. Tech Mahindra (earlier known as Satyam Computer Services) has appealed against the ED’s decision to make the company an accused in the case.
The ED had by virtue of Section 70 of the PMLA decided to name the company an accused in their investigations. Infact, they had issued a notice to Tech Mahindra and had lodged a complaint at the trial court at the same time.
This move was challenged by the company and after two bouts of litigation in the Andhra Pradesh (AP) High Court, the court held that the ED was indeed in right and hence allowed to proceed in terms of framing of charges and to subject the company to facing investigations and trials before the trial court.
It is against this order that the company has moved the SC. Their argument is that at the time that the scam was being perpetrated, the company itself by the name of Tech Mahindra was not in existence. Renowned lawyer Kapil Sibal will be representing Tech Mahindra
Further hearing is expected on May 5.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
