Satyam given time till Sept 30 to publish results

IT firm Mahindra Satyam (erstwhile Satyam Computer) today said that the Company Law Board (CLB) has given it time till September 30 to publish various mandatory documents.

"The Hon'ble Board (Company Law Board) has permitted extension of time up to September 30, 2010, for publication of financial results for the years ended March 31, 2009, and March 31, 2010," Mahindra Satyam said in a filing to the Bombay Stock Exchange (BSE).

Besides, the CLB has exempted the new owners of the scam-hit company from publishing results for the quarters ended December 31, 2008, till March 31, 2010, it said.

Following the CLB nod, the company can also publish the June 2010 quarterly numbers with the September quarter results.

Last month, Mahindra Satyam had moved the Company Law Board, seeking extension on the grounds that it does not have access to vital documents for preparing financial reports as the CBI and SFIO, which seized the documents, still have not completed their probe.

Further, the CLB has also allowed Mahindra Satyam to hold annual general meetings after three months of finalising the accounts for financial years 2008-09 and 2009-10, the company said.

This is the third time that the CLB has granted such an extension to Mahindra Satyam. The first was up to December 2009, followed by another extension till June 30, for filing all the documents, including the financial statements for financial years 2008 and 2009 and the quarterly financial reports, as required under the listing agreements.

Satyam, which was renamed as Mahindra Satyam after its takeover by Tech Mahindra in April 2009, came under the scanner when its founder chairman, B Ramalinga Raju, confessed to indulging in fraud on January 6, 2009.

The scam, the biggest in the country's corporate history, is estimated at over Rs 10,000 crore.