Results leakage on web prior to board meet

Our Markets Bureau

Hyderabad, April 11: AFTER Global Trust Bank and Amara Raja Batteries, it is now the turn of Hyderabad-based software major, Satyam Computer to be disciplined by the stock market authorities.

Ironically, the company has found itself in the thick of controversy for allegedly violating the listing agreement on releasing the audited annual results to some of its favoured websites prior to the board’s approval.
Looking at the company’s reply to its query, the HSE officials are of the opinion that the company might have placed the audited results well ahead of the board’s approval.

“We may seek further clarification on this,” the HSE official told The Financial Express.

In its reply, Satyam has stated, “We are examining the possibility of anyone accessing the unapproved information even for few seconds from our website due to a technical snag at the time of construction of
site.”

The company further clarified that these “factors were beyond the control of the company.”

Earlier, following the newspaper reports, HSE has sought a reply from Satyam asking whether it had violated the clause 41 of listing agreement by releasing the results to the websites before the board meeting concluded.

In reply to this, the company secretary of Satyam has informed that the results were faxed to all the bourses
only at 4.30 pm on Tuesday after being duly approved by the board.

He claimed that the company had not violated clause 41 of the listing agreement.