ibnlive » Business

Sep 16, 2009 at 05:19pm IST

Mahindra Satyam approches WB to revoke ban

New Delhi: Mahindra Satyam on Tuesday said it is seeking an end to the eight-year old ban imposed by the World Bank on Satyam Computer which has since then assumed its new identity - Mahindra Satyam.

The ban was imposed on Satyam Computer for allegedly providing improper benefits to the World Bank staff. The company was blacklisted last September.

"We are having discussions with the bank. We have made some progress on that front," Mahindra Satyam's Europe President Atul Kanwar said.

MOVING ON: The company was blacklisted after its founder revealed multi-crore rupee fraud.

Besides, the company is also holding talks with clients who left Satyam after its founder B Ramalinga Raju revealed multi-crore rupee accounting fraud early this year. The company was later acquired by Tech Mahindra through open auction.

"We are talking to clients who have left us. Some of these clients have also given us new orders," Kanwar, who is also President of Africa, Middle East, APAC and India regions, said declining to share the names of the clients.

He further added that the company is now "back in business" and chasing deals worth over $50 million. Some of these deals are likely to be concluded by next quarter.

Even though the company has roped in new clients, Kanwar feels its too early to call it a complete turn around.

Post the acquisition by Tech Mahindra, we have seen marginal client attrition. But the company has added 32 new clients after May this year.

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