Commenting on CP Gurnani's decision on selling bit of his own holding in the company, Nayyar assures investors need not worry about it as most of the shareholders have to sell it for paying the fringe benefit tax (FBT).
Also read: Tech Mahindra, Mah Satyam underperform ahead of Q4 nos
Below is the verbatim transcript of his interview to CNBC-TV18
Q: There have been some concerns with regards to the merger, could you just update us on where the situation stands now and how much the date or the time on when Tech Mahindra and Mahindra Satyam can merge has been pushed back by?
A: What we have taken from the board is an approval for continuing with the scheme, which they had approved by another six months. That in a manner of speaking gives the time span we expect by which the merger should be through.
Almost every process has been completed, but some litigation is going on by 13 Ramalinga Raju companies who had given Ramalinga Raju some money when he was under huge financial stress. They are making those claims on us, which we obviously are rejecting completely.
That issue is there. I do not think it will take a long time. We will have a resolution very soon.
I would also add in any event, it does not make a difference because we are more or less de-facto working as one company.
Q: That is the primary reason for the delay because there was another case by the minority shareholders as well questioning the swap ratio, you do not see that as a big problem?
A: I do not see that as a big problem at all because after all it went to the shareholder through two AGMs both of Tech Mahindra and of Satyam. In case of Satyam, 99.9 percent voted in favour of the merger. Therefore, we do not believe that 0.01 percent can be a spoiler with this case.
Q: CP Gurnani has decided to sell quite a bit of his own holding in the company. Is it only for personal reasons or should investors worry about it?
A: I do not think investors need to worry about it. Most of the shareholders have to sell it for paying the fringe benefit tax (FBT). One-third has to go as tax when one gets that kind of money for exercising option then one sells some of the shares.
One-third has to be sold in any event to pay to the government before one can get option, otherwise may lapse.
Q: Aside from the loan claims which you are refuting at this point, could you just update us on whether there are still any class action lawsuits pending and what that could amount to, how soon it could get resolved?
A: All international cases have been resolved. Now the limitation period is certain so there is no further claim which can come in. Three years is a limitation period. All cases which came before that have been resolved one way or another.
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