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Centre’s tax claims on Satyam surprise Mahindra & Mahindra

PTI
Published Aug 28, 2014, 8:28 am IST
Updated Mar 31, 2019, 8:58 am IST
The head of the over $16 billion diversified conglomerate added that when Tech Mahindra took over Satyam
Mahindra to expand its dealership stores in Punjab
 Mahindra to expand its dealership stores in Punjab

New Delhi: Surprised by tax claims on its investments in scam tainted Satyam Computers, Mahindra Group chairman Anand Mahindra said he had not anticipated that the Group will be battling Indian government and tax authorities in court for its own money. In June last year, Tech Mahindra completed acquisition of Mahindra Satyam erstwhile Satyam Computer Services to become India’s fifth largest software services firm. Mahindra is also the chairman of Tech Mahindra.

“As you know, one by one we settled all of it (legal and regulatory issues) and I am happy to say, we settled them within our targeted budget. What we did not anticipate was that Indian government and tax authorities will be fighting to get claims on money that we have put in,” Mr Mahindra told in an interview. Tech Mahindra and the Enforcement Directorate are locked in an intense legal battle in the Hyderabad High Court. “There are some weird misleading reports that are coming out that have claims that we have all the ill-gotten money. There was no money in the company, its such a simple thing that people don’t understand. The money that Satyam had after we took over, was our money,” he said.

 

The head of the over $16 billion diversified conglomerate added that when Tech Mahindra took over Satyam, there was no money in the company and Mahindra Group had invested its own money.  “So where is the question? Whether its the ED or tax department saying you have to pay for those ill-gotten gains, its as if you have taken over a house which was burgled and then you are paying for it,” Mr  Mahindra said.   

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