(UNI) AP HC gave its nod for the merger of Mahindra Satyam with Tech Mahindra.
The court, after dismissing other petitions seeking stalling the merger, cleared the merger of two companies and said the investigation into the alleged multi-crore fraud committed by Satyam Computer's Former Chairman B Ramalinga Raju and others would continue.
With the court decision, the company aspires to become one of the largest IT companies in India.
The merger was proposed soon after Anand mahindra-owned Tech Mahindra purchased Satyam computer Service Limited in 2009 and re-branded as Mahindra Satyam.
The government auctioned the Hyderabad-based IT services firm Satyam after its founder and Chairman B Ramalinga Raju admitted India's biggest accounting fraud. However, the merger was put on hold in view of the investigations into Satyam fraud by various agencies.
Last year, Tech Mahindra announced the merger of two companies and have secured the mandate of both the boards and shareholders, barring the minority ones, who have challenged the swap-ratio in the AP HC.
This scheme of amalgamation has already been cleared by various institutions such as Competition Commission of India, Bombay Stock Exchange, National Stock Exchange and Bombay HC. UNI
