Mahindra Satyam to delist ADRs on NYSE; announce audited results for FY09 and FY10
24 Sep 2010
Mahindra Satyam, the born-again identity of Satyam Computer Services Ltd, will announce its audited results for the years ended 31 March 2009 and 31 March 2010 on 29 September 2010.
The company also announced plans to delist its ADRs on the NYSE and shift trading to the OTC Market.
Mahindra Satyam, which postponed the announcement of financial results for several quarters, said it would come out with accounts (under Indian GAPP) for the 2008-09 and 2009-10.
The results, once announced, would give a clear picture of the financial health of the company that was hit by the Rs7,126-crore fraud in January 2009.
The company is also expected to announce plans for the merger and integration of Satyam Computers with Tech Mahindra along with a shift of base from Hyderabad.
The company, however, will not speak on the financial figures for the pre-scam years, ie, prior to 2008-09.