Confusion still prevails at Satyam as the convoluted series of events continues to take further twists and turns. Even as an investment association representing 300,000 investors and partially funded by SEBI has filed a class action suit against Satyam, it has now come to light that there may have been a diversion of funds to the tune of Rs 12 bn from Maytas Infra to Satyam.
Even though Satyam's accounts are expected to be restated by the end of this calendar year, Tech Mahindra, the new owners of Mahindra Satyam, has asked for an extension by 3 months. To add to it, engineering major L&T, which had earlier enthusiastically taken a 12% stake in Satyam and later bid for the company when it was put for sale, now seems to be rather unsure of its holding in Satyam. It now wants to unload its stake in a hurry and is seeking a waiver of the six month lock-in period. Considering the extremely speculative nature of the situation after the fraud was first uncovered, we wonder what prompted such reputed companies to dip their hands into such a mess in the first place.
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