Mahindra Satyam, earlier Satyam Computer Services, on Monday said it was seeking an extension from the Company Law Board (CLB) to publish its financial results till September 30, 2010. The CLB had ordered Satyam to submit its financial statements for the financial year 2008 and 2009 and quarterly financial reports, by June 30, 2010.
The firm has also asked for an exemption to publish quarterly results for FY08-09 and FY09-10 and instead, just publish full year reports for these years before September 30, 2010. In a letter to the Bombay Stock Exchange, the firm said that it has also asked for an extension to publish financial results for the quarter ended June 30, 2010 and publish it along with the financial results of the quarter ended September 30, 2009, which would be around mid October 2010.
?The delay is largely on the back of limited access to past records (given by the CBI) which is taking us longer to complete the auditing process. However, we expect the process to be completed in the next three months,? said Hari T, chief of HR & marketing, Satyam.
The IT exporter is restating its accounts for a past six to seven years after its founder and ex-chairman Ramalinga Raju confessed to a fraud worth Rs 7,000 crore to cook its books. FE had first reported of an expected delay in restatement of accounts in its June 10, 2010 edition. However, in April this year, Satyam chairman Vineet Nayyar had said the restatement of accounts was on track to be completed by the end of June 30, 2010. Satyam hasn’t come out with any financials post June 2009 when it declared the annualised revenue run-rate for January-February 2009 at $1.7 billion.