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Satyam Gets Time to File Annual Report
April, 28th 2010

India's Satyam Computer Services Ltd., which is restating its results for several years after a financial fraud at the company, said Tuesday the New York Stock Exchange has extended the deadline to file its annual report to Oct. 15.

The exchange also allowed the company to stay listed until then.

Satyam Computer, listed in Mumbai and on the New York Stock Exchange, had said in last October that it got a warning from the NYSE for not filing its report with the U.S. Securities and Exchange Commission. The NYSE had then asked the company to file the statement by Oct. 15, 2009.

Also, the NYSE had said it would monitor the status of the company's late filing and public disclosures "for up to a six-month period from the report's original due date" and could commence proceedings to delist the stock "if circumstances warrant."

The software exporter hasn't been reporting its results since January 2009, when its founder and former chairman B. Ramalinga Raju resigned after admitting to cooking the company's books. It last reported results for the July-September quarter of 2008.

Last October, India's Company Law Board allowed Satyam Computer, now controlled by Tech Mahindra Ltd., to restate its results by June end 2010.

 
 
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