Some minority shareholders have opposed the proposed merger of Mahindra and Mahindra Satyam technology.
In response to a question from a shareholder in ADS to delete the record of the New York Stock Exchange, Vineet Nayyar Mahindra Satyam Chairman said at the annual general meeting held here today that the list is not essential to get customers and contracts U.S..
"We will continue to have foreign exposure and foreign-owned, even after deregistration. However, at later stages, after the merger, we are going to try my luck [to reconsider the listing on the NYSE]," said Nayyar .
The city-based IT company yesterday announced plans to exit the U.S. stock market by 2012.
Throwing a surprise, Mahindra Satyam (brand identity of Satyam Computer Services) said that lower its American Depositary Shares (ADS) program in 2012, and was not able to meet U.S. accounting standards.
In response to another question on the merger, Nayyar said the process will be objective, impartial and transparent and be conducted in accordance with the culture of Mahindra.
"There are vested interests. Appraiser shall be appointed by both parties and the valuation and exchange ratio will be determined by the bankers ...," he said.
The compnay raking in the consolidated profit of Rs 225.2 million rupees on revenue of 1433.9 billion rupees in R June quarter. The company, which is a path of recovery after being beaten by one of the biggest corporate scandals, had a loss of Rs 327 crore in the previous January-March quarter.