Vineet Nayyar the chairman of Mahindra Satyam aims to complete the merger of its company with Tech Mahindra in eight weeks following a clearance for amalgamation from Andra Pradesh High Court
In an interview to CNBC-TV18, Vineet Nayyar, Vice Chairman of Tech Mahindra talked much delayed merger of Mahindra Satyam with Tech Mahindra. He informed that almost every process has been completed, barring some litigations by 13 Ramalinga Raju companies.
A long-planned merger between Tech Mahindra Ltd and Satyam Computer Services has been delayed by an additional six months that is up to September 30.
Vineet Nayyar, Vice Chairman, Tech Mahindra told CNBC-TV18 that though BT's IT budget is coming down, but Tech Mahindra still remains their preferred partner.
Krithika Saxena of CNBC-TV18 catches up with CP Gurnani, CEO, Mahindra Satyam; Sonjoy Anand, CFO, Tech Mahindra and Vineet Nayyar, chairman of Mahindra Satyam and vice chairman of Tech Mahindra for the details and the way forward for the merged entity.
CP Gurnani, the man who led his team to turnaround the erstwhile Satyam Computers and now Mahindra Satyam, said that the company has enough resources to wade through the legal battle over claims with the IT department.
Mahindra Satyam has files suit against former board of directors, certain former employees and auditor Price Waterhouse. Vineet Nayyar, chairman of Mahindra Satyam says, the company has suffered incredible loss.
CNBC-TV18 catches up with Vineet Nayyar, chairman of Mahindra Satyam to get his perspective on the business prospects of his company and the sector in the current quarter and the way forward.
Despite an overhang of litigations, Mahindra Satyam seems to be attracting business. Speaking to CNBC-TV18 exclusively, chairman Vineet Nayyar said that they had signed a large deal in worth USD 200 million in the previous quarter, which should reflect in the topline in the coming quarter.
CP Gurnani of Mahindra Satyam, in an interview with CNBC-TV18’s Ekta Batra and Reema Tendulkar, spoke about their tax case.
Vimal Kaushik, MD & CEO, IL&FS Engineering & Construction, in an interview with Udayan Mukherjee and Mitali Mukherjee, spoke about the latest happenings in his company and gave his outlook for the company going forward.
“The basis of Rs 616 crore tax is fictitious income shown by R Raju as a Chairperson of Satyam during his tenure, says Vineet Nayyar chairman of Mahindra Satyam.
Terming the Mahindra-CISCO alliance "strategic", Mahindra Satyam's CEO CP Gurnani said this is positive for the company. Projecting revenue generation of USD 500-750 million over the next five years, Gurnani said the company would meet the industry’s growth expectations over the next five to six quarters.
Mahindra Satyam has agreed to settle US shareholder litigation arising from a 2009 accounting fraud, total of USD 125 million to the four lead plaintiffs for the class action suit.