Satyam board to consider much-delayed accounts

The accounts were ordered to be restated after a financial scandal at the company

The board of Satyam Computer Services, the Indian outsourcer involved in a financial scandal, is meeting on 29 September to consider financial results of the company that were delayed after the scandal.

Satyam's board will meet to consider the audited financial results for the years ended 31 March, 2009 and March 31, 2010, according to the National Stock Exchange of India.

Satyam had earlier received permission from India's Company Law Board (CLB) to delay to 30 September the filing of its 2008 and 2009 results. In October last year, the CLB had extended the deadline for filing to 30 June.

The board meeting to consider the results is an indication that the company may finally present its results for the two fiscal years. It is not clear whether Satyam's board will also consider results for the quarter ended 30 June this year.

The company did not immediately respond to email and calls requesting comment.

Satyam was plunged into a financial crisis last year after its former chairman and founder, B. Ramalinga Raju, disclosed that the company's revenue and profits had been inflated for several years. A board appointed by the Indian government ordered the company's accounts to be restated, and also invited bids to select a strategic investor for the company.

Tech Mahindra, another Indian outsourcer, acquired a 43 per cent stake in the company last year. Satyam now uses the "Mahindra Satyam" brand to market its services.

A number of analysts have pointed out that to regain customer confidence after the scandal, Satyam had to disclose some financial data to customers and the public.

It will become more difficult for the company to pick up new customers, and renew existing business if it does not disclose its financials quickly, Anthony Miller, managing partner at TechMarketView, a U.K. research firm, said in July after Satyam got an extension from the CLB to file its results by 30 September.

Satyam officials however said that the restatement of the accounts was getting delayed as the company had limited access to financial data, which is in the custody of the country's Central Bureau of Investigation (CBI).

The CBI is investigating the role of Raju and some other former key executives of Satyam in the fraudulent accounting at the company. Raju was released on bail last month in a case that has dragged on for over a year, and has as yet to reach the trial stage.

John Ribeiro covers outsourcing and general technology breaking news from India for The IDG News Service. Follow John on Twitter at @Johnribeiro. John's e-mail address is john_ribeiro@idg.com

Join the Good Gear Guide newsletter!

Error: Please check your email address.

Tags business issuesservicessatyam computer servicesoffshoringoutsourcingfinancial resultsrestructuring

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

John Ribeiro

IDG News Service
Show Comments

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?