Tech Mahindra will seek permission to present Satyam Computers’ financials for the third and fourth quarter ahead of its open offer for the latter’s shares, which starts on June 12.
It is likely that Tech Mahindra will seek permission to present Satyam Computers’ financials for the third and fourth quarter of the financial year 2009 ahead of its open offer for the latter’s shares, which starts on June 12.
The company could seek a nod from the authorities to present “indicative” numbers from Satyam for either the six months or the Q3 in time for the open offer, a senior Satyam official said.
Global audit firms KPMG and Deloitte were given the mandate to restate Satyam’s accounts after former chairman B Ramalinga Raju confessed to fudging the books and resigned in January.
While it is believed the company’s accounts will have to be restated for the past six years, since when Raju and his confidantes have been allegedly fudging the financials, there is an immediate need to demonstrate the financial viability of the company, the official added.
“We are expecting to have clarity this week on the limited restatement,” the official said. “However, we are confident that Satyam is a viable concern as is demonstrated by the business that has been coming in despite the unearthing of a scam of this magnitude and the global slowdown,” he said.
While the company did business worth $400 million since January this year, it has bagged 10 new accounts since April 18 when the new strategic investors came into the company, he explained.
However, all these new deals are below the $5 million size, he revealed. “Nevertheless, Satyam is competing aggressively and we are now bidding even for quarter-million dollar deals in the market,” he added. The company is pitching for business on particularly in India, West Asia, and the Asia-Pacific markets.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}