Satyam to challenge ED's attachment of Rs 822 cr FDs EDITORS PICK

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Tech Mahindra Ltd.

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4.15 (0.45%) Vol:235427 shares traded Prices|Financials|Company Info|Reports HYDERABAD: Struggling IT outsourcer Satyam Computer Services BSE 0.42 % (SCCL), now controlled by Mahindra Group, has decided to contest the attachment of Rs 822 crore of bank deposits by the Enforcement Directorate (ED). Addressing media persons in Hyderabad on Tuesday to announce the financial results, the Satyam chairmanVineet Nayyar said the new management of Satyam never had access to the money that Satyam's founderRamalinga Raju brought into the company. "That money was already spent by the time we took over the company. In fact, the situation was so bad when the government directors took over the company, they had to immediately borrow Rs 450 crore so that they could pay the next week's salary. The amount attached by ED is our money and we will contest the attachment," said Nayyar.