Satyam accounts restatement likely by end-December: Director
The restatement of fraud-hit Satyam Computer's accounts is likely to be completed by end-December, a top official said.business Updated: Aug 30, 2009 12:32 IST
The restatement of fraud-hit Satyam Computer's accounts is likely to be completed by end-December, a top official 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 end-this year," Satyam's Government-appointed Director, C Achuthan, told PTI in Mumbai.
Satyam's Founder, B Ramalinga Raju, had, last year confessed to cooking up the IT major's accounts to the tune of Rs 8,000 crore, after which the Government removed him and appointed a team of experts including Kiran Karnik, Deepak Parekh and C Achuthan, among others, on the company's Board to bring it back on track.
The Anand Mahindra-led Tech Mahindra recently acquired Satyam and the brand name changed to Mahindra Satyam. The company's name, however, still remains Satyam Computer.
"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 said.
While the company is regaining its health, both in terms of number of clients as well as employee morale, its financial-side recovery would, however, take some more time, he said.