Satyam Computer: Got 3-Month Extension To Declare Financial Results

India's Satyam Computer Services Ltd. (500376.BY) said Wednesday the Company Law Board, a quasi-judicial body, has given the company a three-month extension to declare its results for the past two financial years.

The company can now publish its results for the financial years ended March 31, 2009, and March 31, 2010, by Sept. 30, the software services exporter said in a statement.

The body exempted Satyam from publishing quarterly results from the quarter ended Dec. 31, 2008, until the quarter ended March 31, 2010. It also gave the company permission to publish its results for the quarter ended June 30, 2010, at the same time it announces its results for the current quarter.

The company hasn't declared its results for the past two fiscal years after its founder, B. Ramalinga Raju, confessed in January 2009 to cooking its books for several years. The company is also restating its accounts for the past six-seven years.

In April 2009, Indian auto maker Mahindra and Mahindra's software unit, Tech Mahindra Ltd. (532755.BY), won a government-led auction to own a controlling stake in the beleaguered company.

Satyam Chairman Vineet Nayyar said in April this year that the restatement of accounts was on track to be completed by the end of June as scheduled.

The company hasn't yet announced the restated accounts.

The board has also granted Satyam permission to hold the annual general meetings of the company for the financial years ended March 31, 2009, and March 2010 up to three months from the finalization of accounts.

-By Dhanya Ann Thoppil, Dow Jones Newswires; +91-9886929464; dhanya.thoppil@dowjones.com

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