Satyam gets relief as CLB extends deadline

Written by Neha Pal | New Delhi | Updated: Jul 3 2010, 06:57am hrs
The Company Law Board (CLB) has extended the deadline for furnishing the financial statements of Satyam Computer Services by September 30. IT services firm Mahindra Satyam, earlier known as Satyam Computer Services, sought time till September 30 to file financial statements relating to fiscal years 2008 and 2009. The CLB earlier set June 30 as the deadline.

CLB chairman DR Deshmukh in his order said, Time for submission and publication of financial results for the year ended March 31, 2009 and March 31, 2010, and all other compliances under the Act and all other applicable laws is extended upto September 30, 2010.

An official at the ministry of corporate affairs told FE, Since the investigations in the Satyam case are still going on and forensic audit is still underway, an affidavit had been filed on behalf of the government stating no objection in view of extra ordinary circumstances.

The CLB order said, Satyam Computer Services is exempted from publication of financial results for the quarter ended December 31, 2008, March 31, 2009, June 30, 2009, September 30, 2009, December 31, 2009 and March 31, 2010 under all other applicable laws and regulations since this would be reflected in the financial results to be published by company for the quarter ended June 30, 2010, along with financial results for the quarter ended September 30, 2010, under the Companies Act and all other applicable laws and regulations which the company do publish before September 30, 2010.

Deshmukh said that time for holding the annual general meeting of Satyam for the financial year 2008-09 and 2009-10 has been extended upto three months for the finalisation of accounts and approval of the same by the board of directors of the company.

According to the order, Satyam Computers is permitted to file with the registrar of companies the balance sheet, profit and loss account and other related annexures for the financial years 2008-09, 2009-10 and any filing required under other applicable laws including taxation laws within 30 days from the date of AGM.

The order also said the term of the statutory auditors already appointed by Satyam Computers shall be valid till the conclusion of the AGM of the financial year 2010.