The Company Law Board on Wednesday gave scam-hit Satyam Computers Services an extension of three months for restating the accounts. As per the CLB directive, the company would have to publish their financial results by September 30.
The company informed the BSE on Thursday evening. The Satyam statement issued by the BSE further said the company has been given exemption from publication of financial results for the quarters ended December 31, 2008 till March 31, 2010. As per the CLB order, Satyam would have to file accounts for the quarter ended June 30, 2010 along with the financial results for the quarter ended September 30, 2010. The CLB has also given an extension of time to the firm for holding annual general meetings for the financial years 2008-09 and 2009-10 up to three months from the finalisation of accounts and its approval by the board of directors.
This is for the third consecutive time that the CLB has given an extension to the IT company. The first was up to December 2009, followed by another extension till June 30. The MCA source added that Satyam Computers has been given enough extensions and it should stick by September 30 deadline.