Mahindra Satyam receives provisional attachment order from IT Department

03 Feb 2012

1

Mahindra Satyam said today that it was in receipt of a provisional attachment order from the Income Tax Department attaching the company's land and buildings.

"The company had received a provisional attachment order dated January 30, 2012, from the Additional Commissioner of Income Tax (ACIT), Central Range -- 3, Hyderabad attaching land and buildings of the company," it said in a filing to the BSE.

The I-T Department, in notices to the company had sought Rs617 crore tax for the assessment years from 2003-04 to 2008-09, when R  Ramalingu Raju was running the company with his team.

The company later deposited a bank guarantee of Rs617 crore last April with the I-T department as directed by the Supreme Court. The guarantee had a validity up to 31 December, 2011.

The company said that an interim order from the Andhra Pradesh High Court on 31 January had directed both "Satyam and Income Tax department to maintain status quo."

The said order also directed that the bank guarantee furnished by the company would not be encashed by the Revenue until further orders, it further said.

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