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India's tax department gives Audit notice to Satyam
December, 28th 2010

Satyam Computer Services Ltd. said Tuesday it has received a letter from India's tax department requesting it to get its accounts audited for the tax assessment years of 2002-2003 and 2007-2008.

No further details were provided in Satyam's filing to the local exchanges.

The move is likely to be a precursor to a demand for the fraud-hit company to pay up taxes. In November, Satyam said the department was seeking tax amounting to 5.03 billion rupees ($111.5 million) for the five-year period between the financial year 2003 and 2008.

At the time, Satyam said it had filed a petition with the Central Board of Direct Taxes asking it to stay the tax collection.

Satyam, one of India's largest IT companies, was plunged into turmoil in January 2009 when its founder and then chairman, B. Ramalinga Raju, confessed to overstating profits for years, using a fictitious cash balance of more than $1 billion.

The company in November reported quarterly results for the first time since July-September 2008.

 
 
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