Tech Mahindra extends merger with Mah Satyam by 6 months

Tech Mahindra has extended the proposed merger of Mahindra Satyam with itselffor six months.The company in a BSE filing said that its "board ofdirectors extended the validity of the (amalgamation) schemeby a further period of six months i.e. up to September 30,2013.

"The board has extended "scheme of amalgamation andarrangement of Venturbay Consultants Pvt Ltd and SatyamComputer Services Ltd and C&S Systems Technologies Pvt Ltd and Mahindra Logisoft Business Solutions Ltd and CanvasMTechnologies Ltd with Tech Mahindra Ltd and their respectiveshareholders and creditors", it said.

Also read: The end of Indian IT staffing as we know it

Tech Mahindra took over reins of the scam-tainted SatyamComputers in April 2009 and rebranded it as Mahindra Satyam.Last year, it had announced the merger of two companiesand have secured the mandate of both the boards andshareholders, barring the minority ones, who have challengedthe swap-ratio in the Andhra Pradesh High Court.In February this year, Tech Mahindra had expressed thehope that the proposed merger of Mahindra Satyam with itselfwill be completed shortly.Shares of Tech Mahindra today fell by 0.19 per cent tosettle at Rs 1,045.80 apiece from their previous close at the BSE.

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