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    MAHINDRA SATYAM : MERGERS ANDACQUISITIONS

    - Shashank JoganiS.Y. BFM

    Roll No 28

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    INDEX

    SR.

    NO.

    TOPIC PAGE NO.

    1. ACKNOWLEDGEMENT 22. SUMMARY 33. INTRODUCTION 44. FINANCIAL ENVIRONMENT POST THE

    SCAM5

    5. SATYAM COMPUTERS BIDDING PROCESS 76. STATE OF EMPLOYEES 87. MANAGEMENT 98. MAHINDRA & SATYAM : GOOD FOR EACH

    OTHER AND BENEFITS10

    9. RECENT NEWS AND DEVELOPMENTS 1210. CONCLUSION 1311. REFERENCE LISTS/BIBLIOGRAPHY 14

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    SUMMARY

    On January 7, 2009 India gave birth to its very own ENRON in the form of Satyam

    Computer Systems. An Accounting Scam, led by B. Ramalinga Raju shook theentire financial world off their floors. The scam surely was disastrous, but it poseda variety of opportunities to its competitors and rivals to take over its vast businessof information technology. Ultimately, one of Mahindras subsidiary companies,Tech Mahindra won the bid and Satyam Computer Systems was acquired by theMahindra and Mahindra group of companies. Through this project I outline thefinancial environment of Satyam Computer Systems which necessitated a takeover

    plan, the process of bidding that followed, and whether Mahindra had made asound decision in taking over a scam-hit company. The project also outlines the

    obstacles and challenges faced by the acquired company, Mahindra Satyam inreviving from its past state and work on a path of earning real profits and goodwillthat it had lost in the aftermath of the Satyam Scam.

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    INTRODUCTION

    Mahindra Satyam's proposed merger with Tech Mahindra may be delayed allbecause of legal issues, and ambiguity over jurisdiction between investigating

    agencies and the government. The merger has been delayed due to two tax casespending with the Income Tax claiming over 2700 crore for both.TechMahindra announced itsmerger with Mahindra Satyam on March 21, 2012, afterthe board of two companies gave the approval. The two firms have received thego-ahead for merger from the Bombay Stock Exchange and the National StockExchange.Competition Commission of India (CCI) approved the proposed mergerof Mahindra Satyam and other companies withTech Mahindra.Mahindra Satyamwill hold its annual general meeting (AGM) on June 8, 2012 to consider the

    proposal to merge the company withTech Mahindra.It is mandatory for the firm

    to get the AGM nod to go ahead with the merger. The shareholders of both TechMahindra and Mahindra Satyam have unanimously approved the scheme ofamalgamation and merger of Satyam Computer Services Ltd, VenturbayConsultants, C&S System Technologies, CanvasM Technologies and MahindraLogisoft Business Solutions with Tech Mahindra.

    References:

    1. http://en.wikipedia.org/wiki/Mahindra_Satyam

    http://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Tech_Mahindra-Mahindra_Satyam_mergerhttp://en.wikipedia.org/wiki/Competition_Commission_of_Indiahttp://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Mahindra_Satyamhttp://en.wikipedia.org/wiki/Mahindra_Satyamhttp://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Competition_Commission_of_Indiahttp://en.wikipedia.org/wiki/Tech_Mahindra-Mahindra_Satyam_mergerhttp://en.wikipedia.org/wiki/Tech_Mahindrahttp://en.wikipedia.org/wiki/Tech_Mahindra
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    FINANCIAL ENVIRONMENT POST THE SATYAM SCAM

    January 7, 2009: B Ramalinga Raju wrote in a letter to his board members thefollowing:

    1. Satyam Computers Balance Sheet carries non-existent Cash and Bank Balances ofRs. 5,040 crores.2. The Debtors of the company had been overstated by Rs. 490 crores.3. The liabilities of the company have been understated by Rs. 1230 crores.4. The operating margin reported as 24% was actually only 3% of the revenue,

    resulting in the artificial cash going up by 588 crores.

    Such shocking facts released by the heads of one of the top IT companies in ourcountry created widespread tension amongst the Indian masses and our financialmarkets were deeply affected in the following ways:

    1. The SENSEX Stock Index dropped by 7.3%.2. Satyam Shares nearly fell by 78% dropping down to Rs. 39.95 per share on this

    dreadful day as investors and shareholders wanted to get rid of them as fast aspossible.

    3. Satyam had officially become Indias ENRON.4. There lay ahead an uncertain future for its 53000 employees in the aftermath of

    the countrys biggest corporate fraud amounting to Rs 8000 crores.5. SEBI, Corporate Affairs Ministry as well as the ICAI all undertake enquiries of

    the Company. Leaders are questioned, the accounts were audited and B.Raju as

    well as his brother was arrested.6. By January end various companies show interest in acquiring a majority stake in

    Satyam Computers, with L&T already increasing its stake to 12% in thecompany.

    7. The Board of Directors decide upon an open bidding process for its company andfor it, it soon gets a nod from the SEBI for selling 51% stake in Satyam ComputerSystems.

    8. Auditors from Price Waterhouse Coopers are convicted of the fraud and soonPrice Waterhouse Coopers resigns as the auditors of Satyam Computer Systems.

    9. The Institute of Chartered Accountants of India initiates a strict enquiry into thestatus of internal as well as external audit procedures conducted in all majorcompanies of our country.

    10.On 5 February 2009, the six-member board appointed by the GovernmentofIndia named A. S. Murthy as the new CEO of the firm with immediate effect.Murthy, an electrical engineer, has been with Satyam since January 1994 and washeading the Global Delivery Section before being appointed as CEO of the

    http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/India
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    SATYAM COMPUTERS BIDDING PROCESS:

    1. On March 9, 2009 Satyam Computers begins its process of selecting a strategic investor. Toqualify every bidder has to show Rs 1500 crore, but there is no minimum floor price

    required in order to bid. The bidders will have to register on the Satyam site.2. Larsen & Tubro has confirmed that it would be bidding for the IT major.3. BK Modi of Satyam too said that he would put in papers for the Satyam bid and added that

    the company had enough money in its banks.4. Tech Mahindra and Hinduja are amongst the others who had expressed their interest but they

    had said that they would wait for Satyams financial situation to be made known before theysubmitted their bids.

    5. As the majority stake sale opened, Tech Mahindra and L&T submitted their bids, while BKModi's Spice Corp and Cognizant Technologies have not submitted a bid for Satyam.

    6.

    Finally, Tech Mahindra, through its special purpose acquisition vehicle VenturbayConsultantsplaced the winning bid of ` 58 per share.7. It is one-tenth of the share price that Satyam had traded just a year back.8. It had to spend a total amount of `1,756 crore to acquire Satyam's 31 per cent stake. An open

    offer came subsequently with the same bid price, where Tech Mahindra needed topay` 2,889 crore for 51 per cent stake.

    9. Along with others, Mahindra placed its bid on April 13, 2009. Surpassing the bids of thesecond highest bidder Larsen & Toubro (` 45.90 per share) and the third highest bidder WLRoss & Co. (` 20 per share), Tech Mahindra won the bidding process to take over Satyamand put an end to one of the biggest frauds in the Indian IT industry.

    10.Once quoted at a price of Rs 542 per share, Satyam Computer went under the hammer for Rs58 a share, about one-tenth of the level the IT Company enjoyed earlier, when no one hadany inkling about the scam being perpetuated there.

    11.Tech Mahindra, which emerged as a winner in the race to acquire fraud-hit SatyamComputer, has bid the highest price of Rs 58 per share and would have to shell out anaggregate of about Rs 2,889 crore (rs 28.89 billion) for 51 per cent stake in the company.

    12.Based on the bid price, market capitalisation of the expanded equity base of Satyam wouldbe around Rs 5,600 crore (Rs 56 billion) which is is just about one-sixth of its last year'smarket capitalisation.

    References

    1. http://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-12_388306-2.html

    2. http://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-wins-bid-for-Satyam-at-2900cr/articleshow/4393779.cms

    3. http://business.mapsofindia.com/business-events-india/2009/mahindra-takes-over-satyam.html

    http://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-12_388306-2.htmlhttp://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-12_388306-2.htmlhttp://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-wins-bid-for-Satyam-at-2900cr/articleshow/4393779.cmshttp://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-wins-bid-for-Satyam-at-2900cr/articleshow/4393779.cmshttp://business.mapsofindia.com/business-events-india/2009/mahindra-takes-over-satyam.htmlhttp://business.mapsofindia.com/business-events-india/2009/mahindra-takes-over-satyam.htmlhttp://business.mapsofindia.com/business-events-india/2009/mahindra-takes-over-satyam.htmlhttp://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-wins-bid-for-Satyam-at-2900cr/articleshow/4393779.cmshttp://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-wins-bid-for-Satyam-at-2900cr/articleshow/4393779.cmshttp://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-12_388306-2.htmlhttp://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-12_388306-2.html
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    MAHINDRA SATYAM : THE STATE OF ITS EMPLOYEES

    1. Post the Satyam Scam, all of the employees were uncertain about their futures in thecompany, including the overseas employees of the company.

    2. Around 1000 employees from UK are reported to have lost their jobs in the aftermath of thisScam.

    3. These employees were not directly employed by Satyam Computers, but their jobs diddepend upon the path chartered by the company.

    4. Most employees were at that time advised against leaving the company, even though rumorswere going around that they wont be paid their salaries for the next month, and that the

    company would be downsized in terms of its workforce, but still they were encouraged towait for an official announcement.

    5. But once Mahindra took over Satyam Computer Systems, it focused on the BPO arm ofSatyam Computers and surprisingly the BPO arm went in a hiring spree.

    6. The company hired some 700 new employees. And by next month some 300 more peopleare expected to join Satyam BPO workforce.

    7. Mahindra Satyam BPO will be adding 300 people every year over the next five years toservice this telecom client ( Tata Docomo )

    References:

    1. http://articles.economictimes.indiatimes.com/2012-05-03/news/31559181_1_mahindra-satyam-satyam-bags-tech-mahindra

    2. http://www.dnaindia.com/money/report_satyam-tech-mahindra-talk-to-staff-allay-job-loss-fears_1667389

    http://articles.economictimes.indiatimes.com/2012-05-03/news/31559181_1_mahindra-satyam-satyam-bags-tech-mahindrahttp://articles.economictimes.indiatimes.com/2012-05-03/news/31559181_1_mahindra-satyam-satyam-bags-tech-mahindrahttp://www.dnaindia.com/money/report_satyam-tech-mahindra-talk-to-staff-allay-job-loss-fears_1667389http://www.dnaindia.com/money/report_satyam-tech-mahindra-talk-to-staff-allay-job-loss-fears_1667389http://articles.economictimes.indiatimes.com/2012-05-03/news/31559181_1_mahindra-satyam-satyam-bags-tech-mahindrahttp://articles.economictimes.indiatimes.com/2012-05-03/news/31559181_1_mahindra-satyam-satyam-bags-tech-mahindra
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    MAHINDRA SATYAM: MANAGEMENT

    1. The CEO of Satyam Computer Systems continued the same post in the newly acquiredMahindra Satyam, CP Gurnani.

    2. After B.Raju and his brother were arrested for the malpractices that were being followed inthe company, many of the board of directors decided to stay back and steer SatyamComputers from this crisis onto a new path.

    3. The Management team, themselves, delved into the idea of selling 51% stake of thecompany. They opted for the bidding process.

    4. Most of the directors continued with Mahindra Satyam.References:

    1. http://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyar

    2. http://en.wikipedia.org/wiki/Satyam_scandal

    http://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyarhttp://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyarhttp://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyarhttp://en.wikipedia.org/wiki/Satyam_scandalhttp://en.wikipedia.org/wiki/Satyam_scandalhttp://en.wikipedia.org/wiki/Satyam_scandalhttp://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyarhttp://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyar
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    MAHINDRA & SATYAM: GOOD FOR EACH OTHER

    AND BENEFITS

    1. Three years ago when Tech Mahindra Ltd emerged as the highest bidder forSatyam Computer Services, it was seen as an effort to rescue the fraud-hitcompany. In hindsight, its clear that Tech Mahindra needed Satyam as

    much as Satyam and its stakeholders needed the former.2. The merger proposal of the two companies makes clear that the Satyam

    acquisition has contributed significantly to Tech Mahindra emerging as a

    large, diversified information technology (IT) services firm. On its own,

    Tech Mahindra was pretty much on a road to nowhere. Its stand-alone

    performance in the past three years makes this amply clear.

    3. Revenue has grown at an annual average rate of 5.8% in the past three yearsin dollar terms, significantly slower than the 20% growth in industry revenuereported by Nasscom.

    4. Earnings before interest, taxes, depreciation and amortization (Ebitda) havedeclined at an annual average rate of 10%. In the 2008-09 fiscal year(FY09), Ebitda stood at $266.6 million (Rs. 1,340 crore today), afteradjusting for a tax write-back. The annualized Ebitda for the first nine

    months of the current fiscal year stands at $194.4 million. Investors haveevidently been disgruntled. Adjusted for the value of its 42.65% stake inSatyam, Tech Mahindras market cap has risen by merely 11% between the

    time of the Satyam acquisition and until news of the merger hit the Street.During the same time, the CNX IT index has risen by 151%.

    5. Using the annualized numbers for the first three quarters, revenue is 22.6%higher than in FY11, and Ebitda has more than doubled. Satyams Ebitda is

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    now 8% higher than Tech Mahindras. Only a year ago, it was less than halfthe size of its parent company.

    6. Besides, its not only the growth numbers that are skewed in favour ofSatyam. It is also much better placed with respect to client and industrydiversification. Tech Mahindra caters solely to the telecom sector and justone client, BT Group Plc (also a major shareholder), accounted for 38% ofrevenue in the past year. Satyams top client accounts for 10% of revenue

    and it caters to various industries. It gets around 32% of revenue from themanufacturing industry, and around 20% each from technology, and bankingand financial services.

    7. The merger will provide much-needed diversification for Tech Mahindrashareholders. Whats more, BT, which has been a drag on the companys

    performance, will now account for only around 17% of revenue.8. Apart from its superior growth profile and diversified business model,

    Satyam also brings with it a decent cash pile of around Rs. 2,000 crore,unlike Tech Mahindra, which has a net debt of more than Rs. 1,000 crore. Inaddition, the management has chosen to create treasury shares(worth Rs. 1,500 crore at current valuations), which can be used foracquisitions.

    9. The merger, therefore, is beneficial to Tech Mahindra shareholders in moreways than one. The combined entity will have revenue of around $2.4billion, which will increase the scope of the projects it can bid for. Its little

    wonder that the combined value of the two firms has risen by 10% sincenews of the merger hit the Street. This is after adjusting for Tech Mahindrasstake in Satyam.

    10.The combined entity is now valued at around 11 times estimated earningsfor FY13, up from 10 times two days ago. A further re-rating will depend onthe companys ability to demonstrate tangible synergy benefits to investors.

    References:

    1. http://finmanac.blogspot.in/2009/04/tech-mahindras-acquisition-of-satyam.html2. http://www.livemint.com/2012/03/22000221/Tech-Mahindra-Satyam-good-fo.html

    http://finmanac.blogspot.in/2009/04/tech-mahindras-acquisition-of-satyam.htmlhttp://www.livemint.com/2012/03/22000221/Tech-Mahindra-Satyam-good-fo.htmlhttp://www.livemint.com/2012/03/22000221/Tech-Mahindra-Satyam-good-fo.htmlhttp://www.livemint.com/2012/03/22000221/Tech-Mahindra-Satyam-good-fo.htmlhttp://finmanac.blogspot.in/2009/04/tech-mahindras-acquisition-of-satyam.html
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    RECENT NEWS AND DEVELOPMENTS:

    Mahindra Satyam will acquire aminority stake of 15% for 35 crore in

    Dion Global Solutions Limited, theDelhi-based firm owned by billionairebrothers Malvinder MohanSingh andShivinder Mohan Singh, that

    provides solutions for capital marketsglobally. Mahindra Satyam acquiredDelhi based BPO firm vCustomer'sInternational operations for US $27million. This is the first 100%acquisition by Mahindra Satyam since it

    became part ofMahindra Group.

    References:

    1. http://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309

    2. http://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stock

    3. http://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-president

    4. http://en.wikipedia.org/wiki/Mahindra_Satyam#Recent_news_and_developments

    http://en.wikipedia.org/wiki/Malvinder_Mohan_Singhhttp://en.wikipedia.org/wiki/Malvinder_Mohan_Singhhttp://en.wikipedia.org/wiki/Shivinder_Mohan_Singhhttp://en.wikipedia.org/wiki/Mahindra_Grouphttp://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309http://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309http://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309http://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309http://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stockhttp://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stockhttp://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stockhttp://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stockhttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://en.wikipedia.org/wiki/Mahindra_Satyam#Recent_news_and_developmentshttp://en.wikipedia.org/wiki/Mahindra_Satyam#Recent_news_and_developmentshttp://en.wikipedia.org/wiki/Mahindra_Satyam#Recent_news_and_developmentshttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-presidenthttp://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stockhttp://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stockhttp://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309http://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-idINDEE82803920120309http://en.wikipedia.org/wiki/Mahindra_Grouphttp://en.wikipedia.org/wiki/Shivinder_Mohan_Singhhttp://en.wikipedia.org/wiki/Malvinder_Mohan_Singhhttp://en.wikipedia.org/wiki/Malvinder_Mohan_Singh
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    CONCLUSION

    Satyam has seen some remarkable turnaround ever sinceTech Mahindra bought

    it. In fact both Tech Mahindra and Satyam were in trouble to start with. No bodyknew what to expect. Satyam did not participate in the big bull rally of 2000 point

    surge.

    Something miraculous happened after that. Tech Mahindra disclosed Satyams

    more than satisfactory numbers which gave a good indication that the operating

    margin is more than 3% and the company is profitable. That was a fitting reply toSatyams noteworthy rivals who dropped it from their noteworthy rivals list.

    Even Tech Mahindra has seen its stock jump by visiting the upper circuit moreoften than it normally would. The gamble paid off for Tech Mahindra. With Tech

    Mahindra and Satyam Mahindra the expertise and the business is diversified and

    the combined company is ready to break into the top 5.

    http://trak.in/tags/business/2009/04/14/satyam-goes-to-tech-mahindra-is-it-a-win-win-for-all-parties/http://trak.in/tags/business/2009/04/14/satyam-goes-to-tech-mahindra-is-it-a-win-win-for-all-parties/http://trak.in/tags/business/2009/04/14/satyam-goes-to-tech-mahindra-is-it-a-win-win-for-all-parties/http://trak.in/tags/business/2009/04/14/satyam-goes-to-tech-mahindra-is-it-a-win-win-for-all-parties/
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    REFERENCE LIST/BIBLIOGRAPHY

    1. http://en.wikipedia.org/wiki/Mahindra_Satyam2. http://im.rediff.com/money/2009/jan/07satyam-the-letter-raju-wrote.pdf3.

    http://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-12_388306-2.html

    4. http://business.rediff.com/report/2009/apr/13/satyam-from-rs-542-per-share-to-rs-58.htm5. http://www.moneycontrol.com/news/business/satyam-bid-process-begins-registration-closes-mar-

    12_388306-2.html

    6. http://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-wins-bid-for-Satyam-at-2900cr/articleshow/4393779.cms

    7. http://business.mapsofindia.com/business-events-india/2009/mahindra-takes-over-satyam.html

    8. http://articles.economictimes.indiatimes.com/2012-05-03/news/31559181_1_mahindra-satyam-satyam-bags-tech-mahindra

    9. http://www.dnaindia.com/money/report_satyam-tech-mahindra-talk-to-staff-allay-job-loss-fears_1667389

    10.http://articles.economictimes.indiatimes.com/2012-03-21/news/31220075_1_mahindra-satyam-cp-gurnani-vineet-nayyar

    11.http://en.wikipedia.org/wiki/Satyam_scandal12.http://finmanac.blogspot.in/2009/04/tech-mahindras-acquisition-of-satyam.html13.http://www.livemint.com/2012/03/22000221/Tech-Mahindra-Satyam-good-fo.html14.http://in.reuters.com/article/2012/03/09/mahindra-satyam-shares-vcustomer-

    idINDEE82803920120309

    15.http://articles.economictimes.indiatimes.com/2012-06-10/news/32156136_1_satyam-shareholders-mahindra-satyam-satyam-stock

    16.http://articles.economictimes.indiatimes.com/2012-06-21/news/32352582_1_tech-mahindra-coe-bmc-software-president

    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