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Thursday, September 23, 2010

Mahindra Satyam results for 2009, 2010 on Sept 29


After postponing for several quarters, Mahindra Satyam will finally come out with accounts for two financial years of 2008-09 and 2009-10 on September 29.
The announcement of the results assumes significance as it would give a clear picture of the financial health of the tainted company that was hit by the Rs 7,126-crore fraud in January 2009.
Roadmap
The company is expected to announce a roadmap for the merger and integration with Tech Mahindra and likely shift of headquarters from Hyderabad.
The Company Law Board had given exemption to the scam-tainted company from publishing results for quarters from December 31, 2008, to March 31, 2010 under all other applicable laws and regulations.
It allowed the company to announce results for these quarters along with the quarter ended June 30, 2010, and September 30, 2010.
The CLB also gave Mahindra Satyam three months (from the date of announcement of results) to hold annual general meeting, which could not be held for two successive financial years.
It, then, could file balance sheets and other documents for the two financial years to Registrar of Companies one month later.
No restatement
The company, however, will not speak on the financial figures for the years prior to 2008-09, when Mr B Ramalinga Raju, the founder Chairman of Satyam Computer Services, perpetrated the fraud.
It was originally thought that the company would come out with restatement of the accounts for those years too.
The equity markets received the news of board meeting well.
The scrip rose by 4.10 per cent on Tuesday to close at Rs 95.25 on the BSE.

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