Money-laundering allegations: PMLA issues notices to Mahindra Satyam - Economic Times

HYDERABAD: The Adjudicating authority under the Prevention of Money Laundering Act (PMLA) has issued notices to Satyam Computer Services Ltd (Mahindra Satyam) to appear before it in connection with an alleged (rpt alleged) money-laundering case involving its previous management. The Enforcement Directorate (ED) on October 18 issued provisional attachment order of the company's fixed deposits (FDs) wor th Rs 822 crore in a money laundering case related to the previous management. Based on a complaint filed by the ED, the authority has asked the company to provide evidence and information related to the FDs attached under the Prevention of Money Laundering Act (PMLA), the notice said. "You are directed to appear before the Adjudicating Authority, Preventions of Money Laundering Act...in person or through advocate/ authorised representative, duly instructed on the 10th December, 2012 at 11.00 am, failing which the complaint shall be heard and decided in your absence," the notice said. When contacted, a Mahindra Satyam spokesperson refused to comment. Vineet Nayyar, Chairman, MSat had earlier stated that the company is going to challenge the ED's order as the deposits r ightfully belonged to the company. "We are going to challenge it because we never had access to that money. That money (which former chairman of SCSL B Ramalinga Raju claims to have brought in) had already been spent when we took over. "In fact, the situation was so bad that when the government directors were appointed they had to borrow Rs 450 crore to pay salaries in the US. "The money which was never available to us cannot be seen as debt on us," Nayyar had said in a press conference after announcing Q2 results here last month. Download ET's mobile applications for iP ad, iPhone, Android, BlackBerry, Nokia and Windows Phone to track news as it happens, live stock quotes, monitor portfolio, get market stats like gainers, losers and movers & much more. To check out free Economic Times apps , Click here PMLA has issued notices to Mahindra Satyam to appear before it in connection with a money-laundering case involving its previous management. via Business - Google News

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