Mahindra Satyam receives legal notices from 37 firms

Mahindra Satyam’s headaches don’t seem to end and the company is finding it difficult to limp back to survival with more legal issues aimed at it almost every week. The most recent one is the heap of legal notices from a total of 37 firms. The firms claim that they had invested money in the company during the tenure of Satyam founder Ramalinga Raju. The sum of the investments is close to Rs.123 million and the companies are demanding it back. Interestingly, the amount is close to the net amount mentioned in Raju’s confession letter.

Mahindra Satyam has responded to the claim by stating that the argument from the end of the 37 firms is shaky and flawed. "The notices demanding the money back to allegedly repay their creditors, some of whom include Maytas Properties and Maytas Infra," Mahindra Satyam reported in the filing. >>