Satyam seeks further extension from CLB for restating accounts

Satyam seeks further extension from CLB for restating accounts

New York/New Delhi: Software services firm Satyam Computer Services on Wednesday sought time till March next year to restate its financial statements.

“The company has made a further application to the Company Law Board (CLB) to grant an additional extension of time for filing financial statements until 31 March, 2010," Satyam Computer said in a filing to the US Securities and Exchange Commission (SEC).

“The CLB has not yet acted on this application for a further extension," the filing added.

Consequently, the IT entity has informed the American regulator that it would not be able to file its 20-F form (annual report) until after 31 December 2009.

The software firm has already been granted an extension till 31 December 2009, by the CLB to make the necessary filings of returns and documents as required under applicable laws, including quarterly reports.

Satyam, which has been renamed as Mahindra Satyam post the takeover of the company by Tech Mahindra, came under the scanner after its founder and then chairman B. Ramalinga Raju confessed to cooking the company’s books in early January.

The scam, one of the biggest in India’s corporate history, is estimated to be worth Rs7,800 crore.

Since then, Satyam has been engaged in efforts to identify and isolate the falsifications of the company’s financial statement and related inadequacies in its internal controls over financial reporting.

“These efforts are underway but not complete, and therefore the company is unable to file its Annual report on Form 20-F until after 31 December 2009," the filing said.