Mahindra Satyam seeks time till March-end for restating accounts
17 Jul 2009
Mahindra Satyam (formerly Satyam Computer Services) has approached the Company Law Board seeking more time for restating its accounts.
The company has sought time till 31 March 2010, against the earlier deadline of December 2009, for restating its accounts for the past seven years.
Mahindra Satyam, which saw its market cap rise to Rs10,000 crore, however, said the company was yet to get CLB nod for an extended deadline for restating accounts.
In fact, the current market cap is higher than that of Satyam's new parent company Tech Mahindra, according to a CNBC-TV18 report.
Audit firms KPMG and Deloittee have been reworking Satyam's accounts after Satyam's disgraced founder B Ramalinga Raju resigned in January this year after confessing to fudging the company's books.
The government, meanwhile, has offered to back Mahindra Satyam in resolving the class action suit, which the company faces in the US.