IL&FS Financial Services (IFIN) is opposing the way in which accounts are being handled at Tech Mahindra, which acquired tainted IT company, Satyam.

IFIN is a shareholder and might prove to be a roadblock in completing the takeover of the company. It says that it is opposed to the way accounts are being reorganized in Satyam's accounts. The merger will result in the creation of the fifth largest software services exporter in terms of market value.

The revenues of the combined entity will be about $2.4 billion and it will have more than 350 clients in different locations and in different locations, the company had claimed when it announced that the board has approved the merger.

The shareholders of Mahindra Satyam will receive one share of Tech Mahindra for 8.5 shares of Satyam held, it announced. According to experts, a swap ratio of 2:17 for the proposed merger is mostly as per the expectations of the market.

IFIN has already submitted a letter with its objections to the court-appointed observers during the general body meeting of Satyam. It is also planning to file an intervention application on the matter.