Tech Mahindra, the Pune-headquartered information technology services provider to the telecom sector, is likely to merge with Mahindra Satyam, the erstwhile Satyam Computer Services, before the end of 2011 calendar year, according to senior management officials.
They were speaking to reporters while presenting Tech Mahindra’s April-June (first quarter) results.
“The restated accounts will be presented in September this year as promised. We have done our best in getting the numbers and have spent a fortune to do so.
After that, the journey towards integrating the two entities should take at least a year,” said Vineet Nayyar, vice-chairman of Tech Mahindra.
“Once the numbers are out, we will have to approach the Delhi and Hyderabad High Courts for approval and then we will have to decide the share swap ratio, based on fair market valuation.”
At the company’s annual general meeting (AGM) held here today, Anand Mahindra, chairman of Tech Mahindra, said: “Post the numbers restatement, integration is inevitable.”
Mahindra Satyam was to restate its financial statement by June 30. This was later extended to September 30. This was the third time the company had approached the Company Law Board (CLB) for an extension. In July 2009, it sought an extension till March 31, 2010. The earlier deadline was December 2009.
