Trending news: Mahindra wanted to merge Satyam Computers with Tech M, then the scam came to light, and his wish was fulfilled – Hindustan News Hub


highlights

Anand Mahindra sent a merger proposal but did not receive any reply.
Tech Mahindra had won Satyam by bidding after the scam came to the fore.
The Satyam scam is considered one of the biggest frauds in India.

New Delhi. A year before the Satyam Computers Scam came to light, the Mahindra Group had talked about a merger with the Hyderabad-based IT company. Anand Mahindra, chairman of Mahindra & Mahindra, made this disclosure on Friday. Mahindra said that an offer was made to Satyam chairman Ramalinga Raju, but he never responded to that offer. Mahindra said this on the release of a book. This book tells the story of those 100 days when in 2009, Raju told the stock markets that he had committed a scam of Rs 7000 crore and after that Tech Mahindra acquired Satyam Computers in a government bid.

He said, “I knew him (Ramalinga Raju). I had approached him a year ago for a possible merger with Tech Mahindra. Mahindra said he knew Raju because of his involvement in setting up the Indian School of Business in Hyderabad and said the offer was made because both Tech M and Satyam had things to complement each other.

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why didn’t you answer
Mahindra said that Tech M at that time had a revenue of one billion dollars and the company was eager to become a huge organization. For this, mergers and acquisitions were also being considered. He said his company was focused on European customers, while Satyam’s focus was on the US market. In the end, the Mahindra Group was able to acquire Satyam by quoting Rs 58 per share against L&T’s bid of Rs 45.90 per share. Mahindra said that Raju never responded to his offer because if the talks progressed, he would have been forced to show fake account books and the scam would have been exposed.

what was the satyam scam
Ramalinga Raju had provided false information in the books of accounts of the company for many years. He also lied about profits and assets. Fake documents were created to show the company’s revenue of $ 1 billion. Due to this scam, the shareholders of the company had lost about $ 2 billion. If seen according to the exchange rate of that time, it becomes about 9000 crore rupees in rupees.

Tags: anand mahindra, business news, business news in hindi, tech mahindra





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