Satyam sees NYSE relisting at right time

today said it will take a call on relisting on the New York Stock Exchange (NYSE) at an appropriate time, once it has closed the chapter on the massive accounting fraud perpetrated by founder and former chairman B Ramalinga Raju.

Mahindra Satyam Internal Audit Head Sunil Sangar said accounting procedures in the USA are getting converged to International Financial Reporting Standards (IFRS) and in such an event, the company will wait for a clear picture to emerge.

"It was from April 1, 2011. But it has been deferred. Relisting will depend on a couple of things. As of now we have to close the earlier period. And then we have to take a call (on relisting). It is impossible to comment at this time. First, we want to complete our commitments. Then we will take a call on that," Sangar told PTI on the sidelines of the announcement of the company's Q4 results.

The firm was forced to delist its American Depository Receipts (ADRs) from the New York Stock Exchange in October, 2010, over its inability to file restated accounts on or before October 15, 2010, as required by the US markets regulator.

While announcing the decision to delist the ADRs, Mahindra Satyam said it would go for relisting after making its accounts current as per the US standards.

The company completed re-auditing its financial accounts for the controversial period when founder fudged accounts and as per Indian Accounting Standards, they became current last year.

"Currently, we are in dialogue with the US Securities Exchange Commission (SEC) to figure out what areas we have problems. We hope to settle this by October and then trigger the process of relisting," Nayyar said earlier in the press conference.

image
Business Standard
177 22
Business Standard

Satyam sees NYSE relisting at right time

Press Trust of India  |  Hyderabad 



Mahindra Satyam

today said it will take a call on relisting on the New York Stock Exchange (NYSE) at an appropriate time, once it has closed the chapter on the massive accounting fraud perpetrated by founder and former chairman B Ramalinga Raju.

Mahindra Satyam Internal Audit Head Sunil Sangar said accounting procedures in the USA are getting converged to International Financial Reporting Standards (IFRS) and in such an event, the company will wait for a clear picture to emerge.

"It was from April 1, 2011. But it has been deferred. Relisting will depend on a couple of things. As of now we have to close the earlier period. And then we have to take a call (on relisting). It is impossible to comment at this time. First, we want to complete our commitments. Then we will take a call on that," Sangar told PTI on the sidelines of the announcement of the company's Q4 results.

The firm was forced to delist its American Depository Receipts (ADRs) from the New York Stock Exchange in October, 2010, over its inability to file restated accounts on or before October 15, 2010, as required by the US markets regulator.

While announcing the decision to delist the ADRs, Mahindra Satyam said it would go for relisting after making its accounts current as per the US standards.

The company completed re-auditing its financial accounts for the controversial period when founder fudged accounts and as per Indian Accounting Standards, they became current last year.

"Currently, we are in dialogue with the US Securities Exchange Commission (SEC) to figure out what areas we have problems. We hope to settle this by October and then trigger the process of relisting," Nayyar said earlier in the press conference.

RECOMMENDED FOR YOU

Satyam sees NYSE relisting at right time

Mahindra Satyam today said it will take a call on relisting on the New York Stock Exchange (NYSE) at an appropriate time, once it has closed the chapter on the massive accounting fraud perpetrated by founder and former chairman B Ramalinga Raju.

today said it will take a call on relisting on the New York Stock Exchange (NYSE) at an appropriate time, once it has closed the chapter on the massive accounting fraud perpetrated by founder and former chairman B Ramalinga Raju.

Mahindra Satyam Internal Audit Head Sunil Sangar said accounting procedures in the USA are getting converged to International Financial Reporting Standards (IFRS) and in such an event, the company will wait for a clear picture to emerge.

"It was from April 1, 2011. But it has been deferred. Relisting will depend on a couple of things. As of now we have to close the earlier period. And then we have to take a call (on relisting). It is impossible to comment at this time. First, we want to complete our commitments. Then we will take a call on that," Sangar told PTI on the sidelines of the announcement of the company's Q4 results.

The firm was forced to delist its American Depository Receipts (ADRs) from the New York Stock Exchange in October, 2010, over its inability to file restated accounts on or before October 15, 2010, as required by the US markets regulator.

While announcing the decision to delist the ADRs, Mahindra Satyam said it would go for relisting after making its accounts current as per the US standards.

The company completed re-auditing its financial accounts for the controversial period when founder fudged accounts and as per Indian Accounting Standards, they became current last year.

"Currently, we are in dialogue with the US Securities Exchange Commission (SEC) to figure out what areas we have problems. We hope to settle this by October and then trigger the process of relisting," Nayyar said earlier in the press conference.

image
Business Standard
177 22
Widgets Magazine

More News

  • New a/c rules to hit FMCG firms’ reported revenue New a/c rules to hit FMCG firms' revenues
  • Demand rebound in aviation fuel Aviation fuel demand rebounds
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard