- Report of Foreign Issuer (6-K)
December 01 2009 - 9:21AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
Date of Event Reported: December 1, 2009
Commission File Number 001-15190
Satyam Computer Services Limited
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrants name into English)
Satyam Infocity
Unit 12, Plot No. 35/36
Hi-tech City layout, Survey No. 64, Madhapur
Hyderabad 500 081
Andhra Pradesh, India
(91) 40 3063 6363
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
Form 20-F
þ
Form 40-F
o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
o
Indicate by check mark whether the Registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
o
No
þ
If Yes is marked, indicate below the file number assigned to registrant in connection with Rule
12g3-2(b):
Not applicable.
Mahindra Satyam Provides Update Regarding Recent Press Reports in India
Hyderabad, India December 1, 2009 Mahindra Satyam (the brand identity of Satyam Computer
Services Ltd. NYSE: SAY) (the Company) today commented that it is aware of recent press
reports that the Central Bureau of Investigation (CBI) of India has filed a supplementary
chargesheet against certain individuals in connection with the financial irregularities confessed
by Mr Ramalinga Raju, the former Chairman of the Company on January 7 of this year. A chargesheet
is a formal document of accusation prepared by a law-enforcement agency in India. The Company
wishes to point out to investors that reported allegations regarding the magnitude of investor harm
or historical misstatements in the Companys accounting records do not necessarily shed light on
the present financial position and liabilities of the Company. This release is intended to clarify
this issue.
With respect to the financial position of the Company, as previously reported, pursuant to orders
from Honble Company Law Board of India, the Company has been given extension for filing of
returns/documents which are required to be filed with various statutory authorities under various
statutes, whether already due or to become due, until June 30, 2010. This extension would also
apply to publication of quarterly financial reports as required by the listing agreement, whether
overdue or to become due.
The Company is currently defending certain lawsuits in the United States of America. The Company
cannot currently quantify its potential liability in those lawsuits.
In India, as previously reported in a Form 6-K filed with the U.S. Securities and Exchange
Commission on November 17, 2009, Mahindra Satyam has received legal notices from 37 companies
claiming a refund of Rs.1230 crores (equivalent to approximately USD 265 million at exchange rate
of Rs.46.47 per US Dollar), allegedly given as a temporary advance. The notices claim the money
back to allegedly repay their creditors, some of which include Maytas Properties Limited and Maytas
Infra Limited. The confession letter dated January 7, 2009, of the former Chairman of the Company
also refers to a net amount of Rs.1230 crores arranged to the Company by the 37 companies. On
November 14, 2009, Mahindra Satyam replied to the legal notices stating that the claims are legally
untenable.
The Company is also aware of recent press articles reporting that the supplementary charge sheet
states that those accused of the financial irregularities forged board resolutions and obtained
loans of Rs.1,220 crore (equivalent to approximately USD 264 million) from banks without proper
authorization. The Company is not currently aware of the full details of these alleged loans and
so cannot assess at this time their potential impact on the Company, if any. However, to date no
claims or demands in this regard have been asserted against the Company by any bank.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information provided herein includes forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Statements that are
not historical facts are forward-looking statements. Forward-looking statements are based on
beliefs and assumptions by management and on information currently available to management.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no
obligation to update any of them publicly in light of new information or future events. Additional
factors that could cause actual results to differ materially from those contained in any
forward-looking statement include, without limitation: the outcome of pending litigation and other
proceedings involving the Company, including the Companys ongoing litigation in the United States
of America; unanticipated accounting issues or audit issues which might arise as the Company
continues to investigate and correct the alleged prior misstatements in its accounting records (the
Review); unanticipated additional liabilities of the Company that are discovered as a result of
the Review or as a result of ongoing investigations in India and the United States of America; the
likelihood that deficiencies in the Companys internal controls constitute material weaknesses in
the Companys internal control over financial reporting; unanticipated issues regarding the Review
that prevent or delay the Companys independent registered public accounting firm from relying upon
the Review or that require additional efforts, documentation, procedures, review or investigation;
the Companys ability to design or improve internal controls to address issues detected in the
Review or by management in its reassessment of the Companys internal controls; difficulties in
controlling expenses, including costs of the Review, legal compliance matters or internal controls
review, improvement and remediation; the Companys ability to become current in its periodic
reporting under Indian and American laws; general business, economic and political conditions; the
Companys ability to effectively and successfully implement its financial and strategic
alternatives, as well as business strategies, and manage the risks in its business; and the
reactions of the marketplace to any of the foregoing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SATYAM COMPUTER SERVICES LIMITED
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/s/ G. Jayaraman
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Name : G. Jayaraman
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Title : Company Secretary
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Date: December 01, 2009
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