Mahindra Satyam has received legal notices from 37 companies claiming a refund of Rs 1230.4 crore or about USD 265 million, the company says in an US Securities and Exchange Commission filing. Mahindra Satyam has replied to legal notices on November 14, stating that claims are legally untenable, reports CNBC-TV18's Kritika Saxena.

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Here is a verbatim transcript of Kritika Saxena’s comments on CNBC-TV18. Also watch the accompanying video.

Thirty seven creditors for now have slapped a legal notice on Mahindra Satyam claiming that Mahindra Satyam owes them Rs 1230 crore.

Who are these companies? These are the companies that Mr. Ramalinga Raju had siphoned money from which in fact was also mentioned in the confession letter on January 7.

Interestingly, another point that we have picked up is that Maytas is one of these companies. Our sources tell us that the claim that Maytas has given to Mahindra Satyam is that Maytas had actually given the money to a third party from whom Ramalinga Raju had borrowed the money. So indirectly they claim that Mahindra Satyam now owes them that amount.

Mahindra Satyam is very clear that this is the amount that was given from Ramalinga Raju and not on behalf of the company. So, clearly Mahindra Satyam says that they will not be going into any of the details and will not consider these claims.

However, interestingly sources tell us that they will be discussing the matter with SEBI. They are approaching then in the next 2-3 days and will discuss as to what are the implication that can be taken going forward. But it will be another couple of weeks till we see what the plan of action of the angry creditors is now that Mahindra Satyam has refused these claims.