Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: cpt
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Tech Mahindra may restate Satyam accounts for only one year
May, 20th 2009

Tech Mahindra, the new owner of Satyam Computer Services, is exploring option of restating accounts of the beleaguered IT firm for the past one year, instead of the preceding six years. This would enable Satyam to participate in tenders for projects that need proof of financial viability.

Global audit firms KPMG and Deloitte were given the mandate to restate Satyam's accounts, after the firm's defamed founder confessed to inflating profit by fudging the books.

"We need to re-state accounts speedily to be able to participate in request for proposal (RFP) on tenders that require proof of financial viability. While it is not required for all RFP's, it varies from company to company. A proof of financial viability, for instance, is required for all Indian government and public sector projects," said Tech Mahindra vice-chairman, managing director and CEO Vineet Nayyar.

Mr Nayyar is set to join the Satyam board after the requisite regulatory approvals are obtained.

"The new management of Tech Mahindra will have to take a view on whether accounts have to be re-stated for six years after consulting regulatory agencies and the government. The management has already started negotiations on this issue with global audit firms KPMG and Deloitte," Deepak Parekh, HDFC chairman and board member of Satyam, told ET.

In an interview to ET last month, Mr Parekh had said that the re-statement was a slow process. "It will take a long time, as we have to go back to six years. Many documents are not available in the company, many have been torn or misplaced and some confiscated by investigating authorities. A number of investigating agencies have looked at Satyam over the last 100 days. To get a re-statement with limited information is time consuming. All agencies, including the forensic audit team, should work in coordination," he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions