Mahindra Satyam may re-list on NYSE now fraud case is closed

Indian integrator Mahindra Satyam may relist on the New York Stock Exchange, according to its European managing director, Vikram Nair.

Speaking exclusively to Computing, Nair said that this would be possible following the payment this month of £6.2m to settle a long-standing fraud investigation. 

He emphasised the importance of putting the Raju scandal to rest.

"We wanted to make the issue go away quickly, as a long protracted process wouldn't help anyone," said Nair. "The issue is completely closed."

Nair explained that settling the investigation has enabled the company once again to compete for the largest IT contracts, as it continues its integration with Tech Mahindra. Tech Mahindra bought Mahindra Satyam in 2009.

"We have to operate as one entity to be able to leverage a higher balance sheet. For that to happen we have to extinguish the liabilities at Mahindra Satyam."

Nair added that many large deals are influenced by third-party advisers, who were not permitted to check the company's accounts with the fraud investigation ongoing.

"Without seeing our books these advisers couldn't recommend us for any large deals. Now that has completely opened up."

The company has an outstanding tax dispute with the Indian government for $100m (£62m).