SATYAM FACES TAX FIGHT OVER PHANTOM INCOME
April 1st, 2011
BY RAGHAVENDRA VERMA
INDIA'S Satyam Computer Services, the company found involved in a US dollars USD1 billion dollar fraud in January 2009, is fighting a USD138 million tax claim on fictitious income shown in its accounts between 2002 and 2008.
Now known as Mahindra Satyam, since being sold to Tech Mahindra in a government auction in April 2009, it has petitioned India's Supreme Court to fight a High Court order backing the country's tax authorities.
"We feel this claim is not fair because [former CEO Ramalinga] Raju had fabricated huge revenues", ...
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