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India: IT co accuses former chairman of thwarting merger plans

 |  April 25, 2013

IT giant Satyam Computer Services Ltd has accused its former chairman of attempting to thwart the company’s plans to merger with technology conglomerate Tech Mahindra Ltd. According to reports, former company head B. Ramalinga Raju used Infrastructure Leasing and Financial Services Ltd. to oppose the deal. The IT company was faced with a crisis in 2009 when Raju admitted to manipulating financial reports of the company; the company was subsequently up for government-run auction and bought by Tech Mahindra; according to Satyam Computer Services, Ekdanta’s fight against the merger was initiated by Raju.

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