Satyam again moves CLB for extension

Jun 15, 2010 - Age Correspondent |

Hyderabad

Mahindra Satyam on Monday said it has sought three months more from the Company Law Board (CLB) for filing its restated accounts.
This is the second extension being sought by the scam-hit company. The restated accounts were supposed to have been filed by June 30, but the latest move will postpone the filing till September 30.

The company’s auditors have been in the process of restating accounts for the last one year and five months, after its founder chairman, Mr Ramalinga Raju, admitted to fudging of the company’s accounts for the period between 2002 to 2009.
Since the restatement was more or less over, the company’s management had planned to announce the restated accounts before the June 30 deadline.
Sources said the auditors were unable to get access to some of the records, which were seized by the CBI, which is investigating the Rs 8,000 crore fraud and hence sought more time. However, the restatement is expected to be completed before September 30.
Auditors have limited access to financial documents as the High Court had given the company only supervised and restricted access to records, which are in possession of the CBI.
The company has also sought exemption from publishing the results from the December 2008 quarter to the March 2010 quarter. It also asked for permission to publish its results for Q1FY11 along with results of Q2FY11.

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