Satyam asks for second extension to file quarterly results

Ailing Satyam Computer Services has asked Indian stock exchanges to extend to June 30 the deadline for filing the company's results for the fourth quarter of last year.

The company had earlier been allowed to extend the filing deadline for the results to March 31, a spokeswoman said Thursday.

The delay in filing the quarterly results may also impact the revision of the company's overall accounts, she said, though she did not specify when the restatement is now likely to be complete.

Satyam's board has not yet formally announced the number of financial years for which the accounts will be revised, she added.

Some of the bidders for a majority share in Satyam have said that they would insist on reviewing detailed financial information on the company. Other companies said they did not register their interest to bid because of inadequate information on the finances of the company.

Satyam's government-appointed board asked for the accounts to be re-stated after the company's founder B. Ramalinga Raju said in January that the company's profits had been inflated for several years.

The company's board is meeting Friday. The deadline for bidders to submit Expressions of Interest, together with the proof of availability of funds of up to US$290 million is also Friday.

IDG News Service

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