Legal notice to Satyam from 37 companies
Bangalore: 37 firms are claiming that they had paid money to Mahindra Satyam in advance when it was headed by its controversial founder Ramalinga Raju. So, these firms have sent legal notice to Satyam demanding Rs. 1230 Crore back, according to Financial Chronicle.
Mahindra Satyam has termed the claims to be legally untenable. "The notices claim the money back to allegedly repay their creditors, some of whom include Maytas Properties and Maytas Infra," Mahindra Satyam said in the filing.
This was expected after Maytas Infra's board made claims about Raju having invested Maytas' money in Satyam, the person said. "We have had to make this disclosure with regard to the norms about material information, which the U.S. stock markets take very seriously," the person added.
A person close to the development said that there was nothing in the books of Satyam that revealed any money having come to the company from the firms which have sent the notices. "Nothing of this sort has been revealed in the ongoing process of restatement of accounts," the person said.
Previous post's: contact lenses with built-in virtual graphics
