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December 21, 2010, 8:02 AM EST
By Ketaki Gokhale
(Updates with share price in fourth paragraph.)
Dec. 21 (Bloomberg) -- Satyam Computer Services Ltd., the software exporter embroiled in India’s biggest corporate fraud probe, will consider relisting on the New York Stock Exchange after filing its financial accounts as per U.S. standards.
The company is “working toward” making the accounts U.S. GAAP compliant, Chief Marketing Officer Hari Thalapalli said in a phone interview today. Hyderabad-based Satyam hasn’t yet made a decision on the relisting, he said.
Satyam said in September its American depositary receipts would be delisted from the NYSE and may trade on the over-the- counter market. The company’s accounts may become U.S. GAAP compliant in about six to eight months, Chairman Vineet Nayyar said on Sept. 29.
Satyam jumped 9 percent, the most since Sept. 22, to 69 rupees at the 3:30 p.m. close in Mumbai trading. The stock has declined 30 percent this year after a 43 percent drop in 2009.
The company reported its first annual earnings in two years in September after former Chairman Ramalinga Raju disclosed in January 2009 that he overstated Satyam’s assets by $1 billion, triggering a stock plunge and investor lawsuits in the U.S. Tech Mahindra Ltd., based in Pune, last year acquired control of the software-services provider.
--Editors: Vipin V. Nair,
To contact the reporter on this story: Ketaki Gokhale in Mumbai at kgokhale@bloomberg.net
To contact the editor responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net
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(Updates with share price in fourth paragraph.)
Dec. 21 (Bloomberg) -- Satyam Computer Services Ltd., the software exporter embroiled in India’s biggest corporate fraud probe, will consider relisting on the New York Stock Exchange after filing its financial accounts as per U.S. standards.
The company is “working toward” making the accounts U.S. GAAP compliant, Chief Marketing Officer Hari Thalapalli said in a phone interview today. Hyderabad-based Satyam hasn’t yet made a decision on the relisting, he said.
Satyam said in September its American depositary receipts would be delisted from the NYSE and may trade on the over-the- counter market. The company’s accounts may become U.S. GAAP compliant in about six to eight months, Chairman Vineet Nayyar said on Sept. 29.
Satyam jumped 9 percent, the most since Sept. 22, to 69 rupees at the 3:30 p.m. close in Mumbai trading. The stock has declined 30 percent this year after a 43 percent drop in 2009.
The company reported its first annual earnings in two years in September after former Chairman Ramalinga Raju disclosed in January 2009 that he overstated Satyam’s assets by $1 billion, triggering a stock plunge and investor lawsuits in the U.S. Tech Mahindra Ltd., based in Pune, last year acquired control of the software-services provider.
--Editors: Vipin V. Nair,
To contact the reporter on this story: Ketaki Gokhale in Mumbai at kgokhale@bloomberg.net
To contact the editor responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net
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