Mergers And Acquisitions- A Specific Case On Satyam Computers

Mergers And Acquisitions- A specific case on satyam computers

Introduction to Merger & Acquisition INTRODUCTION 1|20

Mergers And Acquisitions- A specific case on satyam computers

We have been learning about the companies coming together to form another company and companies taking over the existing companies to expand their business. 2|20

Mergers And Acquisitions- A specific case on satyam computers

With recession the feeling of insecurity surging over businessmen, it is not surprising when we hear about the immense numbers of corporate restructurings taking place, especially in the last couple of years. Several companies have been taken over and several have undergone internal restructuring, whereas certain 3|20

Mergers And Acquisitions- A specific case on satyam computers

companies in the same field of business have found it beneficial to merge together into one company. In this context, it would be essential for us to understand what corporate restructuring and mergers and acquisitions are all about. 4|20

Mergers And Acquisitions- A specific case on satyam computers

All our daily newspapers are filled with cases of mergers, acquisitions, spinoffs, tender offers, & other forms of corporate restructuring. Thus important issues both for business decision and public policy formulation have been raised. No firm is regarded safe from a takeover possibility. On the more positive side Mergers & 5|20

Mergers And Acquisitions- A specific case on satyam computers

Acquisitions may be critical for the healthy expansion and growth of the firm. Successful entry into new product and geographical markets may require Mergers & Acquisitions at some stage in the firm's development. Successful competition in international markets may depend on capabilities obtained in a timely and efficient 6|20

Mergers And Acquisitions- A specific case on satyam computers

fashion through Mergers & Acquisitions. Many have argued that mergers increase value and efficiency and move resources to their highest and best uses, thereby increasing shareholder value. 7|20

Mergers And Acquisitions- A specific case on satyam computers

To opt for a merger or not is a complex affair, especially in terms of the technicalities involved. We have discussed almost all factors that the management may have to look into before going for merger. Considerable amount of brainstorming would be required by the managements to reach a conclusion. e.g. a 8|20

Mergers And Acquisitions- A specific case on satyam computers

due diligence report would clearly identify the status of the company in respect of the financial position along with the net worth and pending legal matters and details about various contingent liabilities. Decision has to be taken after having discussed the pros & cons of the proposed merger & the impact of the same on the 9|20

Mergers And Acquisitions- A specific case on satyam computers

business, administrative costs benefits, addition to shareholders' value, tax implications including stamp duty and last but not the least also on the employees of the Transferor or Transferee Company. 10 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Merger: Merger is defined as combination of two or more companies into a single company where one survives and the others lose their corporate existence. The 11 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

survivor acquires all the assets as well as liabilities of the merged company or companies. Generally, the surviving company is the buyer, which retains its identity, and the extinguished company is the seller. 12 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Merger is also defined as amalgamation. Merger is the fusion of two or more existing companies. All assets, liabilities and the stock of one company stand transferred to Transferee Company in consideration of payment in the form of: 13 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

• Equity shares in the transferee company, • Debentures in the transferee company, • Cash, or 14 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

• A mix of the above modes.

Types of mergers:-

15 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Merger or acquisition depends upon the purpose of the offeror company it wants to achieve. Based on the offerors’ objectives profile, combinations could be vertical, horizontal, circular and conglomeratic as precisely described below with reference to the purpose in view of the offeror company. 16 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(A) Vertical combination: A company would like to takeover another company or seek its merger with that company to expand espousing backward integration to assimilate the resources of 17 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

supply and forward integration towards market outlets. The acquiring company through merger of another unit attempts on reduction of inventories of raw material and finished goods, implements its production plans as per the objectives and economizes on working capital investments. In other words, in vertical 18 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

combinations, the merging undertaking would be either a supplier or a buyer using its product as intermediary material for final production.

19 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

The following main benefits accrue from the vertical combination to the acquirer company i.e.

20 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(1) it gains a strong position because of imperfect market of the intermediary products, scarcity of resources and purchased products; (2) Has 21 | 2 0

control over products specifications.

Mergers And Acquisitions- A specific case on satyam computers

(B) Horizontal combination: It is a merger of two competing firms which are at the same stage of industrial process. The acquiring firm belongs to the same industry as the target company. 22 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

The mail purpose of such mergers is to obtain economies of scale in production by eliminating duplication of facilities and the operations and broadening the product line, reduction in investment in working capital, elimination in competition 23 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

concentration in product, reduction in advertising costs, increase in market segments and exercise better control on market.

(C) Circular combination: 24 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Companies producing distinct products seek amalgamation to share common distribution and research facilities to obtain economies by elimination of cost on duplication and promoting market enlargement. The acquiring company obtains benefits in the form of economies of resource sharing and diversification. 25 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(D) Conglomerate combination: It is amalgamation of two companies engaged in unrelated industries like DCM and Modi Industries. The basic purpose of such amalgamations remains utilization 26 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

of financial resources and enlarges debt capacity through re-organizing their financial structure so as to service the shareholders by increased leveraging and EPS, lowering average cost of capital and thereby raising present worth of the outstanding shares. Merger enhances the overall stability of the acquirer company 27 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

and creates balance in the company’s total portfolio of diverse products and production processes.

28 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Acquisition:

29 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Acquisition in general sense is acquiring the ownership in the property. In the context of business combinations, an acquisition is the purchase by one company of a controlling interest in the share capital of another existing company. 30 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Types of Acquisition: Acquisition can be of 2 types:-

31 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

1). Friendly Acquisition: It occurs when the target firm expresses its agreement to be acquired.

32 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

2). Hostile Acquisition: In this the acquiring firm needs to actively purchase large stack of the target company in order to have a majority stake.

33 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

In either of the above cases the acquiring company generally offers a premium on the market price of the target company shares in order to attract shareholders to sell their shares. 34 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

An acquisition may be affected by:

35 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(a) agreement with the persons holding majority interest in the company management like members of the board or major shareholders commanding majority of voting power; 36 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(b) purchase of shares in open market; (c) to make takeover offer to the general body of shareholders; (d) purchase of new shares by private treaty; 37 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(e) Acquisition of share capital through the following forms of considerations viz. means of cash, issuance of loan capital, or insurance of share capital.

Purpose of Mergers and Acquisition:38 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

The purpose for an offeror company for acquiring another company shall be reflected in the corporate objectives. It has to decide the specific objectives to be achieved through acquisition. The basic purpose of merger or business 39 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

combination is to achieve faster growth of the corporate business. Faster growth may be had through product improvement and competitive position. Other possible purposes for acquisition are short listed below: 40 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(1) Procurement of supplies: 1. to safeguard the source of supplies of raw materials or intermediary product;

41 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

2. to obtain economies of purchase in the form of discount, savings in transportation costs, overhead costs in buying department, etc.; 3.

To share the benefits of suppliers economies by standardizing the materials.

42 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(2) Revamping production facilities: 1. to achieve economies of scale by amalgamating production facilities through more intensive utilization of plant and resources; 43 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

2. to standardize product specifications, improvement of quality of product, expanding

44 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

3. market and aiming at consumers satisfaction through strengthening after sale 4. services; 45 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

5. to obtain improved production technology and know-how from the offeree company

46 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

6. to reduce cost, improve quality and produce competitive products to retain and 7. 47 | 2 0

Improve market share.

Mergers And Acquisitions- A specific case on satyam computers

(3) Market expansion and strategy: 1. to eliminate competition and protect existing market; 2. to obtain a new market outlets in possession of the offeree; 48 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

3. to obtain new product for diversification or substitution of existing products and to enhance the product range; 4. strengthening retain outlets and sale the goods to rationalize distribution; 49 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

5. to reduce advertising cost and improve public image of the offeree company; 6.

Strategic control of patents and copyrights.

(4) Financial strength: 50 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

1. to improve liquidity and have direct access to cash resource; 2. to dispose of surplus and outdated assets for cash out of combined enterprise; 51 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

3. to enhance gearing capacity, borrow on better strength and the greater assets backing; 4. to avail tax benefits; 52 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

5.

To improve EPS (Earning per Share).

(5) General gains: 53 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

1. to improve its own image and attract superior managerial talents to manage its affairs; 2.

To offer better satisfaction to consumers or users of the product.

54 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(6) Own developmental plans: The purpose of acquisition is backed by the offeror company’s own developmental plans. 55 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

A company thinks in terms of acquiring the other company only when it has arrived at its own development plan to expand its operation having examined its own internal strength where it might not have any problem of taxation, accounting, valuation, etc. but might feel resource constraints with limitations of funds and 56 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

lack of skill managerial personnel’s. It has to aim at suitable combination where it could have opportunities to supplement its funds by issuance of securities, secure additional financial facilities, eliminate competition and strengthen its market position. 57 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(7) Strategic purpose: The Acquirer Company view the merger to achieve strategic objectives through alternative type of combinations which may be horizontal, vertical, product 58 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

expansion, market extensional or other specified unrelated objectives depending upon the corporate strategies. Thus, various types of combinations distinct with each other in nature are adopted to pursue this objective like vertical or horizontal combination. 59 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(8) Corporate friendliness: Although it is rare but it is true that business houses exhibit degrees of cooperative spirit despite competitiveness in providing rescues to each other from hostile 60 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

takeovers and cultivate situations of collaborations sharing goodwill of each other to achieve performance heights through business combinations. The combining corporate aim at circular combinations by pursuing this objective. 61 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(9) Desired level of integration: Mergers and acquisition are pursued to obtain the desired level of integration between the two combining business houses. Such integration could be operational 62 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

or financial. This gives birth to conglomerate combinations. The purpose and the requirements of the offeror company go a long way in selecting a suitable partner for merger or acquisition in business combinations. 63 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Advantages of Mergers and Acquisitions:-

64 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Mergers and takeovers are permanent form of combinations which vest in management complete control and provide centralized administration which are not available in combinations of holding company and its partly owned subsidiary. Shareholders in the selling company gain from the merger and takeovers as the 65 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

premium offered to induce acceptance of the merger or takeover offers much more price than the book value of shares. Shareholders in the buying company gain in the long run with the growth of the company not only due to synergy but also due to “boots trapping earnings”. 66 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Motivations for mergers and acquisitions Mergers and acquisitions are caused with the support of shareholders, manager’s ad promoters of the combing companies. The factors, which motivate 67 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

the shareholders and managers to lend support to these combinations and the resultant consequences they have to bear, are briefly noted below based on the research work by various scholars globally. 68 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(1) From the standpoint of shareholders Investment made by shareholders in the companies subject to merger should enhance in value. The sale of shares from one company’s shareholders to 69 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

another and holding investment in shares should give rise to greater values i.e. the opportunity gains in alternative investments. Shareholders may gain from merger in different ways viz. from the gains and achievements of the company i.e. through 70 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(a) realization of monopoly profits; (b) economies of scales; (c) diversification of product line; 71 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(d) acquisition of human assets and other resources not available otherwise; (e) Better 72 | 2 0

investment opportunity in combinations.

Mergers And Acquisitions- A specific case on satyam computers

One or more features would generally be available in each merger where shareholders may have attraction and favour merger. 73 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(2) From the standpoint of managers

74 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Managers are concerned with improving operations of the company, managing the affairs of the company effectively for all round gains and growth of the company which will provide them better deals in raising their status, perks and fringe benefits. Mergers where all these things are the guaranteed outcome get support 75 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

from the managers. At the same time, where managers have fear of displacement at the hands of new management in amalgamated company and also resultant depreciation from the merger then support from them becomes difficult. 76 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(3) Promoter’s gains Mergers do offer to company promoters the advantage of increasing the size of their company and the financial structure and strength. They can convert a closely 77 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

held and private limited company into a public company without contributing much wealth and without losing control. (4) Benefits to general public 78 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Impact of mergers on general public could be viewed as aspect of benefits and costs to: (a) Consumer of the product or services; 79 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(b) Workers of the companies under combination; (c) General public affected in general having not been user or consumer or the worker in the companies under merger plan. 80 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(a) Consumers The economic gains realized from mergers are passed on to consumers in the form of lower prices and better quality of the product which directly raise their standard 81 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

of living and quality of life. The balance of benefits in favour of consumers will depend upon the fact whether or not the mergers increase or decrease competitive economic and productive activity which directly affects the degree of welfare of 82 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

the consumers through changes in price level, quality of products, after sales service, etc. (b) Workers community 83 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

The merger or acquisition of a company by a conglomerate or other acquiring company may have the effect on both the sides of increasing the welfare in the form of purchasing power and other miseries of life. Two sides of the impact as discussed by the researchers and academicians are: firstly, mergers with cash 84 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

payment to shareholders provide opportunities for them to invest this money in other companies which will generate further employment and growth to uplift of the economy in general. Secondly, any restrictions placed on such mergers will decrease the growth and investment activity with corresponding decrease in 85 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

employment. Both workers and communities will suffer on lessening job opportunities, preventing the distribution of benefits resulting from diversification of production activity. 86 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

(c) General public

87 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Mergers result into centralized concentration of power. Economic power is to be understood as the ability to control prices and industries output as monopolists. Such monopolists affect social and political environment to tilt everything in their favour to maintain their power ad expand their business empire. 88 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

These advances result into economic exploitation. But in a free economy a monopolist does not stay for a longer period as other companies enter into the field to reap the benefits of higher prices set in by the monopolist. This enforces competition in the market as consumers are free to substitute the alternative 89 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

products. Therefore, it is difficult to generalize that mergers affect the welfare of general public adversely or favorably. Every merger of two or more companies has to be viewed from different angles in the business practices which protects the interest of the shareholders in the merging company and also serves the national 90 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

purpose to add to the welfare of the employees, consumers and does not create hindrance in administration of the Government polices.

91 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

92 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

93 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

ACQUISITION OF SATYAM COMPUTERS BY TECHMAHINDRA

Details of Acquisition of Satyam Computers: 94 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

To acquire the scandal hit company M/s sat yam computers 3 bidders namely: 1) M/s Tech Mahindra 2) M/s Larsen and toubro 95 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

3) M/s Wilberross Were shortlisted after evaluation of technical bids. When the price bids were opened M/s Tech-Mahindra was found to be highest bidder with Rs 58/share as against Rs 45.90 by M/s Larsen and toubro and Rs 20 by M/s Wilberross. M/s 96 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Tech-Mahindra approach was as a strategic bidder. As per the terms of offer M/s Tech-Mahindra will buy preferential equity shares of 31% of satyam equity capital followed by a further acquisition of 20% through an open offer to existing shareholders. M/s Tech-Mahindra will have to pay roughly Rs 2908 crores for the 97 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

51% stake. After the bid opening the share market also welcomed the move sending Tech-Mahindra stock 12%.

98 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

99 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

100 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

101 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

102 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

103 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

1) Restriction on M/s Tech-Mahindra by Company Law Board (CLB): i). Tech-Mahindra cannot sell any of satyam assets for 2 years, including some of the real estate valuing around 1200 – 1500 crores. 104 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

ii). Tech-Mahindra cannot have more than four members on satyam board. iii). Government nominees on satyam board will stay. iv). Tech-Mahindra will have to handle satyam liabilities. 105 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

v). Tech-Mahindra is locked into the acquisition for 3 years i.e. they cannot sell their holdings during this period.

2) Advantages to M/s Tech-Mahindra: 106 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

i). with this acquisition Tech-Mahindra acquired the 4th position in the information technology sector. Earlier satyam computers were holding the position prior to discloser of this scam.

107 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

ii). Tech-Mahindra has acquired a wide base of new clients, with this it has become a complete package in IT sector , they can now offer comprehensive solutions for various users.

108 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

iii). About 75% of Tech-Mahindra revenues are from British market whereas 70% of satyam revenues come from American market. So this can be called as marriage made in heaven because Tech-Mahindra will now have World Wide operations.

109 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

iv). Tech-Mahindra subsidiary such as Bristlecone are also benefited with this acquisition because they provide supply chain management solution using SAP.

110 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

111 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

112 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

2) Challenges before M/s Tech-Mahindra: 113 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

i). Tech-Mahindra has to deal with law suits which could impose damages amounting to crores of dollars. The suits were filed by 2 U.S law firms Izard Nobel LLP and Vianale LLP, for losses due to inflated stock prices. 114 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

ii). Apart from above there is high profile law suit by “Upaid Systems” against satyam last year. satyam group had fraudulently used Upaid developed software’s. iii). Any other law suit which may arise in future. iv). They have to reestablish goodwill among satyam clients. 115 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

v). Managing excess manpower is a uphill task for Tech-Mahindra. They have to deal with 45000 employees which have to be gradually reduced to drastically levels. They have to atleast 100 key peoples because Tech-Mahindra does not readily have specialized manpower for satyam areas. 116 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

vi). Certain operations of Satyam like BPO (employing about 5000 employees) have to be closed down because there is no strategic interest of Tech-Mahindra in BPO operations due to negligible revenues.

117 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

vii). Reestablishment of accounts is still being done and is likely to take for more months pending this Tech-Mahindra will find it difficult to take major financial decisions.

118 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

119 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Latest Updates:-

120 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

1). New Name for Satyam Computers: Management of Tech-Mahindra has decided to Rename M/s Satyam computers as M/s Mahindra Satyam, with immediate effect, with a view to have true reflection of Mahindra culture. 121 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

2). New Top Management for Mahindra Satyam: Soon after renaming satyam computers, new management has been announced as detailed below:122 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Earlier Position

Name

New Assignment

Mr. Vineet Nayar

Vice –Chairman

CEO & MD (Tech-M)

Mr. C.P.Gurnanai

CEO

Head Int.Opr(Tech-M)

123 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Sr. VP (M & M)

Mr. S Durgashankar

CFO

Above announcements were made by Mr. Anand Mahindra, Vice Chairman, Mahindra and Mahindra group. 124 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

3). Fund drain from Satyam Computers: Central bureau has recently informed high court, Andhra Pradesh that they have detected large scale fund drain from satyam computers to foreign accounts by Mr.

125 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

Raju Lingam and his associates who are under judicial custody for fraud in this company during their tenure.

126 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

4). Business Expansion By Tech Mahindra: Tech Mahindra management has recently announced that they will shortly enter into two new articles related to BPO operations consequent upon acquisition of

127 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

satyam computers. This is with a view to utilize infrastructure and other resources of satyam computers. 5). Tech Mahindra has announced that the merger process of satyam Mahindra with Tech-Mahindra will be completed within two years. 128 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

6). New Logo of Mahindra Satyam:

129 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

130 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

131 | 2 0

Mergers And Acquisitions- A specific case on satyam computers

132 | 2 0