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Progress on restatement of Satyam a/cs
July, 24th 2009

A high-level US Securities and Exchange Commission team reviewed the progress on the restatement of accounts of Satyam Computer Services on Thursday with audit firm KPMG, Mahindra Satyam CEO CP Gurnani told ET.

The US SEC team, accompanied by Sebi officials also met Tech Mahindra officials, the new owners of Satyam, to discuss a host of issues including re-statement of the manipulated accounts.

Global audit firms KPMG and Deloitte have been commissioned to conduct a forensic audit of Satyams accounts, after founder B Ramalinga Raju confessed to fudging the books for seven years.

The US SEC is probing the violation of US Securities law by former Satyam executives after a clutch of class action suits were filed by law firms representing shareholders of Satyam in the US.

Shareholders alleged that the executives issued false and misleading statements.

A senior Mahindra Satyam official said the restatement exercise is on track and is likely to the completed by December this year. Sebi is probing the insider trading of shares by Raju and his family as investigating agencies including the CBI suspect that the promoters made windfall gains by rigging share prices and invested the money in realty deals.

In an interim report on the Satyam investigation, SEBI has recommended prohibiting Satyams esrtwhile auditors and the audit firm Price Waterhouse from auditing accounts of listed companies for a certain period.

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