Satyam Headquarters in Hyderabad
INDIA’S fraud-hit software firm Satyam Computers has said it plans to delist from the New York stock exchange as it may not be able to meet the US deadline to file restated financial accounts.
The firm, rebranded as Mahindra Satyam, has not reported earnings data since its founder B Ramalinga Raju revealed in January 2009 that he overstated the company’s accounts by billions of dollars in India’s largest corporate fraud.
The new company now plans to disclose financial statements by local accounting norms on September 29.
“We do not anticipate that we will be able to file restated US GAAP (Generally Accepted Accounting Principles) financial statements by the deadline,” the company said in a statement late Friday (September 24) to the Mumbai stock exchange.
The deadline to file accounts with the US regulator Securities and Exchange Commission (SEC) ends October 15.
“Due to our late SEC filings, which are amongst the unfortunate results of the misdeeds of the former management, we are delisting from the NYSE,” Vineet Nayyar, chairman of Mahindra Satyam, said.
Shares in the company will continue to trade on Indian markets, the statement added.
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