I-T Dept calls Mahindra Satyam accounts for audit

The I-T department has directed Mahindra Satyam, formerly Satyam Computer, which was embroiled in the multi-crore rupee accounting scam, to get its accounts for audit of two assessment years 2002-03 and 2007-08.

"The company is in receipt of communication from the office of additional commissioner of Income Tax directing the company to get its accounts for the AY 2002-03 and AY 2007-08 under the Income Tax Act, 1961," Mahindra Satyam said in a filing to the Bombay Stock Exchange.

Shares of Satyam Computer today settled at Rs 67.25 on BSE, up 0.37 per cent from the previous close.

In November this year, the company had disclosed a consolidated profit of Rs 23.30 crore for the July-September quarter this fiscal.

In September, the company posted its first result since its founder B Ramalinga Raju admitted to fudging the accounts of the company in January 2009, which blew the lid off a multi-crore rupee accounting scam.

The company was later acquired by Tech Mahindra which rebranded it as Mahindra Satyam. The new promoters had sought time to declare the audited results.

Revenue for the first quarter stood at Rs 1,248 crore, while in the subsequent three-month period, the revenue was Rs 1,242.40 crore.

Mahindra Satyam had reported a net loss of Rs 1,250 crore for the year ended March 2010, giving a first view of its financials almost two years after the scam broke out.

The company had registered a net loss of Rs 124.6 crore in FY2009-10 on a turnover of Rs 5,481 crore.