HYDERABAD: In what could be a major setback for the Mahindras as well as the restatement of Satyam accounts, Mahindra Satyam has received legal

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notices from 37 companies staking claim to a refund of Rs 1230.4 crore that was allegedly given as a temporary advance to the then Satyam Computer Services.

"The notices have claimed the return of money to `repay creditors`, some of whom include Maytas Properties Ltd and Maytas Infra Ltd", Mahindra Satyam said in a filing to the bourses on Tuesday.

Mahindra Satyam also told the bourses that it had replied to the legal notices on November 14, 2009, stating that the claims were "legally untenable". The company also said that Satyam founder Ramalinga Raju`s confession letter dated January 7, 2009, too had made a reference to "a net amount of Rs 1,230 crore arranged to the company by the 37 companies".

Incidentally, after the Satyam scam broke out, Raju`s younger brother Suryanarayana Raju too is learnt to have written a letter to Satyam, seeking a refund of over Rs 1,200 crore which he claimed were given by Raju family-owned private companies.

Recently, even Maytas Infra`s new owner-- IL&FS-- has written to Mahindra Satyam, giving proof of a transfer of Rs 20 crore through two front companies — Angeerasa Greenfields and Saptaswara AgroFarm — on July 31, 2008, into Satyam accounts through the Hyderabad branch of Axis Bank.

The IL&FS letter is also understood to have asked Mahindra Satyam to show the money as debt in their accounts, which are being restated by KPMG. The Mahindras, incidentally, have got an extension up to June 30, 2010, for submitting the restated Satyam accounts to various regulatory authorities.

It was government-appointed director on the board of Maytas Infra and Maytas Properties, Ved Jain, who had disclosed in July that the two companies had given Rs 392 crore and Rs 220 crore respectively to Satyam via privately- owned companies.

This is nothing new, a part of scam itself

This is the part of bussiness.

This is the part of bussiness.

These companies see a claim with revived mahindra satyam as their ticket to easy money.Whatever happens,let us hope litigation cycle would not delay and affect the results.

they may not give a single pie.. as of now or in future

hope they do not do it for investors

my wish

cheers

CHINA WALL SUPPORT AT HUNDRED. GREAT. UNBREAKABLE- TODAY I SAW THAT AND REALLY ASTONISHED BY THAT.
JUST ONE HUNDRED AND TWENTY SHARES AT 100.20 TO 100.30. (I AM PRECISE IN THIS MATHEMATICAL CALCULATIONS - YOU WILL WONDER HOW- THAT IS THE MAGIC OF SPSS SOFTWARE.

i meant for claimers and not for investors. it has strong...support at 90-100 levels

D money claimed by Rajus front cos r not there in Satyam book.So where is d question of paying?This is all fudging done by Raju between Dec.2008 and Jan 7th 2009.Anyway all fraud wl comeout shortly and then share wl zoom.

ok... let us see.. but i suspect huge upside, since merger news acts a dampener in this counter.

But some more patience is required to get full value of the investment.

tara23 Merger even if done is faraway.Acs wl b reinstated by june 2010 only.After that who knows techmahindra may b merged in Satyam.Satyam is far big co and old customers r coming back in drove which shows that Satyam is far better than its peers like INFY TCS and WIPRO.Also by this month end v wl know how much money of Satyam was laundered by Raju in his name in various countries.Since YSR gone Raju has no protector.He wl spill d beens in d court.

June 2010 is only a 6 months from now... what is there to spill , if he spill the beans, jagan will see his end..

let us see, but i prefer ifci to satyam, though not comparable, returnwise, i expect more in ifci than satyam as of now.

tara Hv not u read today news?Jagan has already seen his end.Supreme court panel has already involved him in Karnataka Reddys illegal mining.So jagan has already cornered along with political blackmailer Reddy trio.Good luck 4 A.P. and Karnataka.