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Satyam Pushes Back Financial Accounts
October, 16th 2009

Satyam Computer Services Ltd., the software company at the center of Indias biggest accounting fraud probe, delayed the restatement of its accounts by a quarter, Executive Vice Chairman Vineet Nayyar said.

While the company had hoped for December, the accounts wont be available before March because the fictitious statements stretch back as far back as 2001, Nayyar, who was chief executive officer of Satyams acquirer Tech Mahindra Ltd., said in a Bloomberg Television interview.

Tech Mahindra Chairman Anand Mahindra, who outbid billionaire Wilbur Ross and Larsen & Toubro Ltd. in April to buy Satyam, has said hes taking a calculated risk in buying Satyam before the company restates its accounts.

Satyam, once Indias fourth-largest software provider, fell 1.7 percent to 115 rupees at 10:08 a.m. in Mumbai trading. The stock has declined 37 percent this year while the benchmark Sensitive Index has advanced 73 percent.

Satyam on June 9 had said unaudited profit for the quarter ended Dec. 31 was 1.6 billion rupees ($34 million), its first public disclosure of earnings estimates since founder Ramalinga Raju said he overstated Satyams assets.

 
 
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