Re-audited Satyam accounts by December end
31 August 2009
The restatement of fraud-hit Satyam Computer's accounts should be completed by the end of the year, one of its government-appointed directors has said.
"It is a difficult task - over eight years of accounts have to be looked at. However, we are hopeful of completing the accounts restatement by the end of the year," C Achuthan told reporters in Mumbai on the sidelines of a chartered accountants' conference.
"Global audit majors KPMG and Deloitte are working on restating the accounts and the process should, hopefully, be completed by end-December this year," Achuthan, a former presiding officer of the Securities Appellate Tribunal, said in Mumbai on Saturday.
Satyam was acquired by the Anand Mahindra-led Tech Mahindra earlier this year; and the brand name was changed to Mahindra Satyam. The company's name, however, still remains Satyam Computer Services.
While the company is regaining its health in terms of number of clients and employee morale, its financial recovery would take longer, he said. "The company is not yet generating enough funds to declare dividends. There are also some liabilities such as the class action suits against the company in the US. These will have to be resolved."
He added that the company also has a large labour force, and consequently huge overheads. "There has to be a matching revenue generation," he said.