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Indian-Commodity  :  Corporate  :  Mahindra Satyam receives notice from PMLA for money laundering

Mahindra Satyam receives notice from PMLA for money laundering (21-Nov-2012)

Mahindra Satyam has received notice from Adjudicating Authority under the Prevention of Money Laundering Act (PMLA) regarding an alleged money-laundering case involving its previous management. On October 18, Enforcement Directorate (ED) has issued a provisional attachment order of the company's fixed deposits (FDs) worth Rs 822 crore in a money laundering case related to the previous management. The company has to give evidence and information related to the FDs attached under the PMLA, based on a complaint filed by the ED.

The company has reported 8.69% rise in its net profit at Rs 251.76 crore for the quarter ended September 30, 2012 as compared to Rs 231.63 crore for the same quarter in the previous year. Total income of the company has increased by 12.92% at Rs 1785.78 crore for quarter under review as compared to Rs 1581.45 crore for the quarter ended September 30, 2011.


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