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Satyam gets time till Sept 30 to publish results

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CIOL Bureau
New Update

MUMBAI, INDIA: The Company Law Board has given Mahindra Satyam a three-month extension to declare its results for the past two financial years. The company now has time till September 30 to publish the results.

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Also read: Mahindra Satyam commences SEZ in Hyderabad

"The Hon'ble Board has permitted extension of time up to September 30, 2010, for publication of financial results for the years ended March 31, 2009, and March 31, 2010," Mahindra Satyam said in a regulatory filing on Wednesday.

The CLB has also exempted the new owners of the company from publishing results for the quarters ended December 31, 2008, till March 31, 2010, the statement said.

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With this permission from the CLB, the company can also publish the June 2010 quarterly numbers with the September quarter results.

Last month, Mahindra Satyam had moved the Company Law Board, seeking extension on the grounds that it does not have access to vital documents for preparing financial reports as the CBI and SFIO, which seized the documents, still have not completed their probe.

The CBI had said that it cannot guarantee about filing a fourth chargesheet at this point of time.

The investigating agency had also raised doubts about the hospital report on the health of the former chairman of Satyam Computers, B. Ramalinga Raju, and urged the court to take a second opinion through an independent committee of doctors.

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