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Satyam seeks time till June 30 to announce Q3 result

This article was posted on Mar 18, 2009 and is filed under Stock News

atyam Computer has sought yet another extension from the stock exchanges to disclose its October-December quarter results, which is being restated in the aftermath of a massive accounting fraud at the IT firm.”We have requested the stock exchanges to give us extension till June 30,” Satyam’s spokesperson told PTI from Hyderabad.

The company had deferred announcing the results in January after its founder Ramalinga Raju on January 7 disclosed cooking the books to the tune of Rs 7,800 crore over several years.

Satyam’s government-appointed board had roped in KPMG and Deloitte to restate the accounts. This was expected to be completed by March 31.

The delay could have implications on the process of sale of the company, which has set in motion an international competitive bidding exercise to sell majority stake.

When asked about the reason for the delay, the spokesperson declined to go into the details.

The company, however, is yet to hear from the stock exchanges on whether it has been granted more time to report earnings.

source: Business-Standard

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