Mahindra Satyam puts merger with parent on hold

Mahindra Satyam has put on hold its planned merger with new parent Tech Mahindra due to the ongoing probe into the Satyam accounting fraud, Chief Executive CP Gurnani said on Monday.

Mahindra Satyam has put on hold its planned merger with new parent Tech Mahindra due to the ongoing probe into the Satyam accounting fraud, Chief Executive CP Gurnani said on Monday.

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Satyam Computer, which was bought by Tech Mahindra and renamed Mahindra Satyam, stunned investors in 2009 when its former chairman and founder Ramalinga Raju said profits had been overstated and assets falsified in a fraud allegedly worth more tthan $1.5 billion.

The federal crime bureau has been investigating the case.