Enforcement Directorate put company into problems: Tech Mahindra
File photo of Tech Mahindra office. (Photo: DC)
Hyderabad: The Enforcement Directorate has submitted before the Hyderabad High Court that Tech Mahindra Limited (formerly Satyam Computer Services Ltd) was liable for prosecution in view of the offences committed by it under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002.
The ED had filed an affidavit in the court following the latter’s direction while dealing with Tech Mahindra petitions which sought to quash criminal proceedings pending against it in a lower court with regard to Satyam Computers. The ED contended that the petitioner cannot claim that the new management was not liable for the omissions and commissions of the earlier management as the company was a “juristic person”.
It was an admitted fact that the company was in receipt of Rs 1,230 crore of proceeds of the crime and utilised the same, the ED added.
The ED has submitted that even the High Court, while approving the scheme of amalgamation of Satyam Computers with Tech Mahindra had not put any bar on the ongoing attachments, investigations and future prosecutions against the company.
Tech Mahindra Ltd contended that the ED had insured the company to financial hardship due to which even the World Bank has stopped funding the company and it was also unable to get contracts from other companies.
( Source : dc correspondent )
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