I-T moves to attach Satyam properties
The Hyderabad unit of the income tax (I-T) department has issued a provisional property attachment order dated January 30, to Mahindra Satyam. HT reports.business Updated: Feb 03, 2012 22:58 IST
The Hyderabad unit of the income tax (I-T) department has issued a provisional property attachment order dated January 30, to Mahindra Satyam.
This provisional order to attach land and buildings of Mahindra Satyam is related to I-T department’s previous notices issued to the company seeking tax of Rs 617 crore. The said tax demand was for the assessment years (AY) between 2003-04 to 2008-09, during the tenure of the founder and the then chairman of Satyam Computer Services Ltd, B Ramalinga Raju.
“We do not want to comment as the matter is sub-judice,” a Mahindra Satyam spokesperson told the Hindustan Times.
After receiving the tax demand notices, Mahindra Satyam had deposited a bank guarantee of Rs 617 crore in April, 2011 as directed by the Supreme Court. The bank guarantee furnished was valid until December 31, 2011.
According to the order, the bank guarantee furnished by the firm would not be encashed, till any further order from the court.