Hyderabad: The Andhra Pradesh High Court on Tueday approved the merger of Mahindra Satyam (MSat) with Tech Mahindra while dismissing the petitions of some shareholders seeking to stall the proposal in its current form so as to safeguard their financial interest.
The Court said, however, that the investigations into the alleged fraud committed by Satyam Computer's former Chairman B Ramalinga Raju and others would continue. Following the financial fraud by Raju, Satyam was taken over by Mahindras, who now plan to merge MSat with Tech Mahindra - a move opposed by some stakeholders.
"CP 123 (the merger petition) is allowed. Investigations will continue until they are disposed of," Justice NRL Nageswara Rao said while dismissing other petitions seeking to stall the merger. The merger when completed will lead to creation of the country's fifth largest software services firm.
MSat CEO C P Gurnani said it will take another 2-4 weeks to get technical clearances and form the single entity. "There are some formalities with registrar of companies in different states where we are registered. We expect it will take 2 to 4 weeks to compete all the issues," Gurnani told reporters....
more
08:38 PM, Jun 11, 2013
Mumbai: Morgan Stanley said on Monday it has signed an agreement to sell its Indian wealth management unit to Standard Chartered. Financial terms of the deal were not disclosed. "Morgan Stanley will work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India," the US bank said in a statement. This process is expected to be completed by...
02:44 PM, May 20, 2013
San Francisco: Yahoo's board has approved a deal to buy blogging and social networking site Tumblr for $1.1 billion in cash, the Wall Street Journal cited people familiar with the matter as saying on Sunday. Such an acquisition would be Marissa Mayer's largest deal since taking the helm of the once-iconic Internet company in July 2012. Yahoo is keen on fast-growing Tumblr because its younger user base would bolster the...
06:55 AM, May 20, 2013
Mumbai: Shares in Tata Consultancy Services rose as much as 2.2 per cent on Tuesday after the company announced it will buy privately-held Alti SA of France for 75 million euros. The acquisition signals Indian software service exporters' interest in diversifying its revenue base, and the acquisition could potentially help increase profits at TCS, analysts said. TCS shares were up 2 per cent as of 12:36 pm. ...
02:55 PM, Apr 09, 2013
Top officials of Diageo and United Spirits, including its chairman Vijay Mallya, are likely to meet this week to discuss regulatory and other issues related to their proposed $2 billion deal. The transaction -- that would see global liquor major Diageo acquiring majority stake in United Spirits Ltd (USL) -- is yet to receive green signal from fair trade regulator CCI, which is believed to have concerns about possible impact...
12:08 PM, Feb 17, 2013
AMR Corp and US Airways Group on Thursday unveiled an $11 billion merger deal after months of negotiations, creating the world's biggest airline with 6,700 flights a day. ...
03:21 AM, Feb 15, 2013
American Airlines and US Airways say they have agreed to merge in an $11 billion deal to create the world's biggest airline. The combined carrier will be called American Airlines but run by US Airways CEO Doug Parker. ...
05:30 PM, Feb 14, 2013
IT major Wipro will be dropped from the National Stock Exchange's benchmark index Nifty from April 1 as its non-IT businesses are hived off into a separate unit. "A corporate action like our demerger of a listed company would generally result in a short-term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated. We expect restoration of...
10:21 AM, Feb 14, 2013
BlackRock, the world's largest asset management company, has taken an $80 million stake in Twitter Inc, a person with knowledge of the deal said Friday. ...
11:17 AM, Jan 27, 2013
London: British publishing and education company Pearson PLC says it is in talks with German media group Bertelsmann SE over merging the firms' Penguin and Random House publishing operations. Pearson said on Thursday it "is discussing with Bertelsmann a possible combination of Penguin and Random House" but added that there is no certainty the talks will lead to a transaction. Pearson is publisher of the Financial Times and Penguin Group...
10:01 AM, Oct 26, 2012
Bangalore: Terming the Dr Govandaiahs report on the merger of schools with Pre University unscientific, the Karnataka State PU Education Officers, Principals, Lecturers and Non-Teaching Employees Federation have urged the State government not to accept the report. Speaking at the conference on Friday, State President of the federation, Muni Raju, said, The government is under the wrong impression that it will get financial assistance from the Union Government if schools...
12:43 PM, Sep 22, 2012
Shareholders of iron ore miner Sesa Goa have approved of the Sesa-Sterlite merger, against analysts expectation of some opposition. Shares of Sesa Goa reacted to this news and were up 1.26 per cent to Rs 188.25. On February 25, London Stock Exchange-listed Vedanta Resources (parent company of Sesa-Sterlite) had announced to restructure its operations. As per this, all of Vedanta's subsidiaries, except Konkola Copper Mines, will be merged into Sesa...
06:41 PM, Jun 25, 2012
New Delhi: Civil Aviation Minister Ajit Singh has expressed regret over the Air India-Indian Airlines merger, saying the division was a mistake. Speaking to CNN-IBN, Ajit Singh said that in retrospect that decision did cause problems. "Their cultures were entirely different. Air India's way of doing things, Indian Airlines way of doing things, their pay scales, their promotion policies and their areas of operation were also entirely different. So that...
07:37 AM, May 10, 2012
Mumbai: The diversified Mahindra Group on Wednesday announced the long-awaited merger of Mahindra Satyam with its another technology arm Tech Mahindra in an all-share deal that would create the country's fifth largest software firm with an estimated annual revenue of about $ 2.4 billion. Under the deal, which was cheered by investors of both the companies in the stock market on Wednesday, would involve the shareholders getting two shares of...
06:17 PM, Mar 21, 2012
New Delhi: The swap ratio for the merger of Mahindra Satyam with Tech Mahindra has been fixed at 8.5 shares of Satyam for every one share of Tech Mahindra, by the boards of the two companies. The ratio is on expected lines, though some players felt Tech Mahindra shareholders should have got a slightly better deal because of the liabilities in Mahindra Satyam. The merger will create the fifth largest...
12:14 PM, Mar 21, 2012
New Delhi: Country's largest private sector air carrier Jet Airways on Monday said it will complete the merger of its two low-cost models - Jet Lite and Jet Konnect - under a single brand by May. "We are contemplating brand merger of Jet Lite and Jet Konnect. Jet Lite will cease to exist by April-May. We expect capacity addition in low cost models as well," a Jet Airways official told...
06:54 PM, Jan 23, 2012
New Delhi: Sweden's telecom and media equipment maker Ericsson today said it has supplied Tata Sky with an advanced TV system, which will help viewers watch on-demand and catch-up TV. The deployment is one of the first in the world to be based on Ericsson's Media Delivery Network (MDN), a media-centric solution for the distribution, delivery and content management, Ericsson said in a statement. Catch-up TV allows subscribers to watch...
03:36 PM, Dec 05, 2011
Country's Olympic governing body has shown its reservation on the proposed merger of HI and IHF. ...
10:02 PM, Jul 27, 2011
New Delhi: Adhering to the Sports Ministry's proposal, Hockey India (HI)and Indian Hockey Federation (IHF)on Monday agreed to merge as one body, thus ending a long-standing tussle between the two warring factions. The decision was taken after a meeting held between the two parties at the Ministry's headquarters here. The Ministry had last week issued an ultimatum to the two bodies asking them to merge by July 25, falling to...
04:12 PM, Jul 25, 2011
Perceptions of a new and emerging India have been given credence by the success of Indian businesses on the global stage and rising Indian investments abroad. Successful takeover of global brands by India Inc. have often been cited to predict that the country would become a dominant power in the 21st century. Indian activities in the arena of mergers and acquisitions have indeed increased manifold over the last one decade....
03:39 PM, Jul 08, 2011
