Satyam seeks extension for reporting results

Satyam seeks extension for reporting results

Mumbai: IT services firm Mahindra Satyam said on Monday it has sought more time from authorities to file financial statements relating to fiscal years 2008 and 2009, delaying its merger with Tech Mahindra.

The company, earlier known as Satyam Computer Services, has sought time till 30 September to file these statements. The Company Law Board had earlier set 30 June as the deadline for the filings.

The company was acquired by Tech Mahindra in April 2009 after the firm was hit by India’s biggest corporate fraud, which came to light in January that year. Its auditor PricewaterhouseCoopers had said all Satyam audit reports from 2000 through 2008 should no longer be relied upon.

Mahindra Satyam is also seeking exemption from publishing quarterly financial results for the period beginning from the three months ended 31 December, 2008, through to 31 March, 2010.

“Till we restate our accounts, we cannot move the honourable high courts of Hyderabad and Bombay for integration. Yes, it does mean that it will delay the integration by three months," Vineet Nayyar, chairman of Mahindra Satyam told NDTV Profit.

The company has also sought permission from the Company Law Board to publish its results for the quarter ended 30 June when it reports results for the quarter ended 30 September, it said in a statement to the stock exchange.