Company to challenge ED order

Mahindra Satyam on Tuesday said that it would be challenging the recent Enforcement Directorate (ED) order that the company’s fixed deposits of Rs 822 crore be attached under the provisions of the Prevention of Money Laundering Act.

ED, on October 18 this year, had served a provisional attachment order on Mahindra Satyam, on the grounds that it had been identified as “proceeds of crime” committed by Satyam founder B Ramalinga Raju.