For the first time since its founder admitted to falsifying the company’s accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
The Board of Satyam, now acquired by Mahindra Group and since renamed Mahindra Satyam, will review the audited accounts of the company and the same would be submitted to the Company Law Board, a senior company official said.
Satyam’s founder B Ramalinga Raju had in January 2009 admitted to fudging the company’s accounts for years.
Following the revelation, the company’s administration was taken over by a government-nominated Board, which subsequently cleared sale of the company to Mahindra Group.
“The official process of merger of Mahindra Satyam and Tech Mahindra will begin soon after that,” a source said.
However, Mahindra Group Vice Chairman and MD Anand Mahindra had said earlier this year that Mahindra Satyam need not necessarily be merged with its new owner Tech Mahindra, and it could well be the reverse. The CLB on a request from Mahindras had allowed the company to submit the audited results for 2008-9 and 2009-10 by September 30.
It had earlier set June 30, as the deadline for Mahindra Satyam to file its re-stated accounts. CBI has filed charges against Raju and others, who are awaiting trial.
The restatement lifts a cloud off the company. The story after Raju confessed is what people should be reading the one of how people react, respond and courageously lead in the darkest of times.
This is what we chronicled in Riding the Tiger: Leading Through Learning in Turbulent Times, the lessons, the leadership, the courage of the people.