37 firms send legal notice to Satyam

37 firms are claiming that they had paid money to Mahindra Satyam in
advance when it was headed by its controversial Founder Ramalinga Raju.
So, these firms have sent legal notice to Satyam demanding Rs. 1230
crore back, according to Financial Chronicle.

Mahindra Satyam has termed the claims to be legally untenable. "The
notices claim the money back to allegedly repay their creditors, some
of whom include Maytas Properties and Maytas Infra," Mahindra Satyam
said in the filing.

A person close to the development said that there was nothing in the
books of Satyam that revealed any money having come to the company from
the firms which have sent the notices. "Nothing of this sort has been
revealed in the ongoing process of restatement of accounts," the person
said.

This was expected after Maytas Infra's board made claims about Raju
having invested Maytas' money in Satyam, the person said. "We have had
to make this disclosure with regard to the norms about material
information, which the U.S. stock markets take very seriously," the
person added.