Mahindra Satyam

Mahindra Satyam today said it has received a provisional attachment order from the Income Tax Department attaching land and buildings of the company. The company had received a provisional attachment order dated January 30, 2012, from the Additional Commissioner of Income Tax (ACIT), Central Range -- 3, Hyderabad attaching land and buildings of the company, it said in a filing to the BSE. Full Article

Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance. Full Article

The Central Board of Direct Taxes (CBDT) is believed to have turned down the request of Mahindra Satyam to fully adjust taxes paid by its erstwhile owner Ramalinga Raju on fictitious income. Tech Mahindra had acquired Satyam Computer, after a multi-crore accounting fraud in the company came to light in January 2009. After acquisition, the company was re-branded as Mahindra Satyam. Full Article

The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum. Full Article

The merger of Mahindra Satyam and Tech Mahindra may get delayed on account of legal and procedural issues, a company official said today. 'Integration involves some legal process. We have to approach the High Courts of Andhra Pradesh and Maharashtra for approvals and there can be delays. We are still looking at April-May of next year', Mahindra Satyam Chairman Vineet Nayyar said after announcing the financial results. Full Article

The Supreme Court today directed Mahindra Satyam to make its presentation before the Central Board of Direct Taxes (CBDT) relating to its tax dispute within two weeks, and also asked it to furnish a bank guarantee of Rs 617 crore by April 25. "Within two weeks the petitioner company (Mahindra Satyam) would file a comprehensive petition making its representation before CBDT giving all requisite information for re-assessment of income for year 2003-2004 to 2008-09,", the b.. Full Article

A local court trying Satyam Computers multi-crore accounting scam today recorded the version of Company Secretary of Mahindra Satyam G Jayaraman. Incidentally, Serious Fraud Investigation Office (SFIO) has named Jayaraman as an accused in the Satyam scam. The case is separately being tried in another court. Full Article

The government today informed the Supreme Court that it will set aside its order directing scam-hit information technology (IT) firm Satyam Computer to pay Rs 617 crore as income tax and will give a fresh hearing to the firm's plea challenging the tax demand. Attorney General Goolam E Vahanvati, appearing for the Central Board of Direct Taxes (CBDT), told the apex court that it would recall its March 10, 2011, order, demanding Rs 617 crore in tax and decide afresh on the.. Full Article