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| Satyam accounts restatement likely by year-end: Achuthan |
| Press Trust of India / Mumbai Aug 30, 2009, 14:39 IST |
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Fraud-hit Satyam's restatment of accounts is likely to be completed by end of December, the company's government-appointed Director C Achuthan has said.
"It is a difficult task, over eight years of accounts have to be looked at. However, we are hopeful of completing accounts restatement by this year-end," Achuthan told PTI.
The multi-crore rupee accounting scam in Satyam Computer came to light after the IT major's founder B Ramalinga Raju confessed to cooking the company's accounts over several years. Following the scam, the government appointed a team of experts, including Kiran Karnik, Deepak Parekh and Achuthan, among others, on the company's board to bring it back on rail.
Satyam was recently acquired by the Anand Mahindra-led Tech Mahindra.
"Global audit majors KPMG and Deloitte are working on restating the accounts and the process would, hopefully, be completed by end-December this year," Achuthan said.
While the company is regaining its health, both in terms of the number of clients as well as employee morale, its financial side recovery would, however, take some more time, he said.
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