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Reshape Tomorrow Tomorrow is different. Let's reshape it today. Corning Gorilla Glass TougherTogether. ET India Inc. ET Engage. ET Secure IT. Tech Bytes. Nageswar Rao dismissed all petitions seeking to bar the merger on the grounds that the scheme of amalgamation is in the interest of the public and the shareholders and the interest of the workmen is also protected.
He ordered that the scheme of amalgamation—a detailed merger plan—be filed with the Registrar of Companies within 30 days. The high court, while sanctioning the merger, said pending investigations and prosecution against Ramalinga Raju and others will continue.
Tech Mahindra should co-operate with investigating agencies such as the Serious Fraud Investigation Office and Enforcement Directorate, it said. The scheme of amalgamation of the two companies would be backdated to April as per the terms of the merger. For a Scheme of Arrangement sought under section of the Companies Act, the Court must see whether the provisions of the Act have been complied with, whether the majority is bona fide and whether the scheme is a reasonable one.
In this case, the Judge found the Scheme to be a reasonable one and in the interest of the public. Also, the Court should not refuse to sanction the Scheme merely because of a few objectors. In this case, the Court dismissed the objections of the stakeholders as the role of the Court is just supervisory and the Court cannot ignore the opinion of experts who have worked upon the Swap Ratio and when the same has been accepted by majority shareholders.
Valuation is a technical method requiring expertise and there can be genuine differences of opinion about the correct Swap Ratio. Unless the person who challenges the valuation satisfies the Court that the valuation is unfair, the Court will not disturb the scheme of amalgamation. The Court also ordered that all pending investigations against Ramalinga Raju will continue till they are vacated or disposed of by relevant competent authority and Tech Mahindra should cooperate with all the respective agencies which Tech Mahindra agreed to readily.
For Satyam, the union may help finally put behind it the scandal that its founder B. Ramalinga Raju caused when, in January , he confessed to having misstated accounts to the tune of Rs7, crore over a period of several years. This merger results in the dilution of the Satyam brand name so whatever negative connotation that brand name had will be dissolved.
Viz Stayam Renaissance Consulting Ltd. Ltd and Satyam Infoway Pvt. And new software development centers were opened in Hyderabad, Pune, Chennai and Bhubaneswar during the year. New business partners have been added in Australia, Canada, Japan and Europe. The company proposes to set up seven such development centres outside India, four of them in the US.
NSDL for providing its shareholders with the facility of trading in the dematerialised form of shares. Satyam has also agreed to become the primary integration partner for deploying the Insur-Enroll solution.
Satyam bagged a major project from Healthaxis in the last quarter. Satyam Live captures the soft infrastructure, the products etc.
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