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HC has stayed I-T order to attach co assets: Mahindra Satyam

Mahindra Satyam on Thursday said the Andhra Pradesh High Court has stayed the provisional order from the Income Tax Department to attach land and buildings of the company in the Rs 617-crore tax-demand case.



Mumbai: Mahindra Satyam on Thursday said the Andhra Pradesh High Court has stayed the provisional order from the Income Tax Department to attach land and buildings of the company in the Rs 617-crore tax-demand case.

"Upon hearing the petition filed by the company, the Hon'ble High Court Judicature of AP stayed the provisional attachment order dated January 30, 2012 from the Additional Commissioner of Income Tax, central Range - 3, Hyderabad, attaching land and buildings of the Company under section 281B of the Income Tax Act, 1961," Satyam said in a filing to the BSE.

The I-T Department had issued notices to the company seeking Rs 617 crore tax for assessment years 2003-04 to 2008-09--the period when the company was run by its founder B Ramalinga Raju.

Subsequently, the company deposited a bank guarantee of Rs 617 crore in last April with the I-T department as directed by the Supreme Court and the bank guarantee furnished was valid until December 31, 2011.

Once a leading Indian IT company, Satyam was hit by a multi-crore rupees corporate fraud, after Raju admitted fudging account books for years together.

PTI

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