Tech Mahindra asks World Bank to lift Satyam ban

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Tech Mahindra asks World Bank to lift Satyam ban

The company was blacklisted by the World Bank following the corporate fraud

Friday, July 03, 2009

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BANGALORE, INDIA: Tech Mahindra, the company that holds a majority stake in Satyam Computer Services (now Mahindra Satyam), has officially asked the World Bank to raise the eight year ban laid upon, said media reports.

Tech Mahindra's vice-chairman, Vineet Nayyar said they have wrote to the World Bank, but are not expecting an immediate response, as these things would take time, said the reports. However, he said the company disagreed with the claims made by the bank.

The company said that it would remain committed towards the Geelong project, which was announced last year, with Satyam as the main financial backer, in partnership with the Victorian government.

The Geelong project was announced more than a year ago with India's Satyam is its main financial backer in partnership with the Victorian state government, the City of Greater Geelong and Deakin, according to Australian IT.

It also mentioned that it would develop a $75 million IT facility in Geelong and will continue to service Telstra despite losing a $30 million-plus contracts, added the reports.

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