I-T moves to attach Satyam properties - Hindustan Times
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I-T moves to attach Satyam properties

Hindustan Times | By, New Delhi
Feb 03, 2012 10:58 PM IST

The Hyderabad unit of the income tax (I-T) department has issued a provisional property attachment order dated January 30, to Mahindra Satyam. HT reports.

The Hyderabad unit of the income tax (I-T) department has issued a provisional property attachment order dated January 30, to Mahindra Satyam.

This provisional order to attach land and buildings of Mahindra Satyam is related to I-T department’s previous notices issued to the company seeking tax of Rs 617 crore. The said tax demand was for the assessment years (AY) between 2003-04 to 2008-09, during the tenure of the founder and the then chairman of Satyam Computer Services Ltd, B Ramalinga Raju.

“We do not want to comment as the matter is sub-judice,” a Mahindra Satyam spokesperson told the Hindustan Times.

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After receiving the tax demand notices, Mahindra Satyam had deposited a bank guarantee of Rs 617 crore in April, 2011 as directed by the Supreme Court. The bank guarantee furnished was valid until December 31, 2011.

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According to the order, the bank guarantee furnished by the firm would not be encashed, till any further order from the court.

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