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Satyam's restated accounts likely in July
May, 07th 2010

The investors of Mahindra Satyam, the erstwhile Satyam Computer Services, may need to wait a bit longer to know the companys real financial health, as the June 30 deadline of restating company's financial may be extended at least by a month.

The reason for this is that some key documents are still lying in CBI's custody, which are critical for forensic investigation.

Mahindra Satyam board is expected to meet on May 30 to take a final call on the financial restatement deadline.

The company may seek an extension from the company law board in order to access documents from CBI till July 31.


The other option being considered is to stick to the June deadline and release the financials with caveats.

The financial restatement is expected to be for a period of 5 years ending 2009 and a separate set of financials will be released for FY 10 at a later date in July.

Revenue runrate for Mahindra Satyam for FY 10 is expected to be over $1 billion with positive cash flow and with margins of over 10 per cent.

The decision makers at Mahindra know it is critical to restate the accounts of Mahindra Satyam as only then can they proceed with its merger plans with Tech Mahindra.

But with Satyam listed in the US markets and back home procedural delay is a reality, the decision will made whether its June 30 or July 31 by the end of this month when the investors will get access to restated accounts of the company.

 
 
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