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Sad news but truth -
Mahindra Satyam is in the process of returning 50 acres allotted to the former Satyam Computer in the Coimbatore SEZ, promoted by the Electronics Corporation of Tamil Nadu (Elcot). Elcot, Tamil Nadu�s nodal arm for attracting IT investments, had allotted the land to Satyam Computer for setting up an IT facility and housing at Vadapalanji.
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Five other companies � HCL, Sutherland, Caliber Point and Syntel �have been allotted land at the Vadapalanji SEZ. The companies were given their letters of allotment in December 2008. At that time, Satyam Computer had planned to recruit about 3,500 employees for the facility at Coimbatore.
Barely one month later, the then Satyam chairman Ramalinga Raju confessed to the biggest corporate scam in the India. The company, now Mahindra Satyam, has decided to return the 50 acres and take back the payment made by Satyam for the land allotted.
�Mahindra Satyam has taken action for surrendering the Coimbatore (SEZ) land to the developer i.e. Electronics Corporation of Tamil Nadu (Elcot). Hence, there is no plan of raising any sum to develop this facility,� a Mahindra Satyam spokesperson said. Elcot officials said that the company had initiated the process of returning the land and Elcot would pay back Rs. 7 crore to Mahindra Satyam.
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