Independent auditor submits report in Satyam case

The contents of report, prepared by Brahmayya and Co. and submitted to the official liquidator, were not made public. Judge P.V. Sanjay Kumar, who is hearing the case, posted the matter for 5 March after counsel for Mahindra Satyam, as the rebranded Satyam Computer Services is known, offered no counter to the report.

During the last court hearing on 6 February, judge Kumar asked the independent auditor to give a copy of the report in advance to Mahindra Satyam to allow it to file a response at the earliest.

Mahindra Satyam’s lawyer Ch. Pushyam Kiran declined comment on the report. Mahindra Satyam’s spokesperson Aashish Washikar declined comment.

A total of 37 companies, including some associated with Raju’s family, claim to have extended sums totalling ₹ 1,230.40 crore to Satyam Computer Services when it was led by Raju, who in January 2009 confessed to have misstated accounts to the tune of ₹ 7,136 crore over several years.

Satyam, which fell into a crisis after the confession, was acquired in an April 2009 auction by Tech Mahindra Ltd.

Tech Mahindra and Satyam Computer have decided on a merger of their operations, but the swap ratio of two Tech Mahindra shares for 17 Satyam Computer shares has been challenged by some minority investors in the high court. Both petitions—by the minority investors and the claimants—have been clubbed.

Satyam Computer shares declined 0.38% to ₹ 116.75 on BSE, while the benchmark Sensex rose 0.72% to 19,152.41 points.