Satyam to relist on NYSE 'at appropriate time'

HYDERABAD, INDIA: Mahindra Satyam, which posted Q4 net loss of Rs 327 crore on Monday said it will take a call on relisting on the New York Stock Exchange (NYSE) at an appropriate time, once it closes the chapter on the accounting fraud perpetrated by founder and former chairman B Ramalinga Raju.

According to a PTI report, Mahindra Satyam Internal Audit Head Sunil Sangar said accounting procedures in the USA are getting converged to International Financial Reporting Standards (IFRS) and in such an event, the company will wait for a clear picture to emerge.

In February, Satyam CEO C P Gurnani said that Satyam would be doing out the NYSE listing as soon as its US GAAP accounts are ready.

Satyam seeks its SEZ denotification

Meanwhile, Satyam Computers Services Ltd (SCSL) has reportedly approached the central government, seeking de-notification of its special economic zone at Visakhapatnam following transfer of land to Indian Navy.

“The developer (SCSL) has requested for de-notification of the SEZ stating that the Government of Andhra Pradesh has transferred the land to Indian Navy,” another PTI report quoted an official in the Commerce Ministry as saying.

The request for denotification of the SCSL will be placed before the Board of Approval (BoA) which is scheduled to meet here on May 31.

Though the state government has decided to allot 50 acres alternative land for the SEZ project, the land was not handed over to the scam-hit firm, which was taken over by Mahindra group and rechristened Mahindra Satyam.