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Satyam to appoint statutory auditor
October, 20th 2009

Nearly 10 months after the Rs 10,000-crore scam surfaced in Satyam Computer, the Company Law Board today allowed the IT company to convene its annual general meeting and appoint a statutory auditor for accounting for 2008-09.    

"The Board of the company is authorised to appoint a statutory auditor for the year 2008-09, subject to ratification by the general body as and when held," CLB Chairman S Balasubramaniam said while passing an order.    

The CLB, however, rejected the government's opposition to Satyam's decision to appoint accounting firm Deloitte as their statutory auditor. Government officials requested CLB Chairman to appoint one auditor for this purpose.    

"No, No I am not going into it (appointing an auditor). This is not my job. I allow for a statutory auditing but would not mention any name," he said.     

Earlier this year in January, Satyam founder B Ramalinga Raju admitted to inflating company's profits and to cooking account books for many years. Following the startling revelation, the government had superseded the company board and appointed new board members.

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