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Satyam may restate Q3 accounts by March-end

February 14, 2009 01:49 IST

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Scam-tainted Satyam [Get Quote] Computer is planning to restate its financial results for the third quarter ended December 2008 by March-end.

"Our auditors are working towards this end," a Satyam spokesperson said on Friday, adding that the only caveat to this possibility would be if the auditors decide to restate results of the company over the past several years, which could further delay a clearer picture of the Hyderabad-based IT company's actual financial position. Satyam Chairman Kiran Karnik had earlier stated that a restatement of accounts of the scam-ridden company would take time. He has also said a restatement of accounts should ideally have no bearing on the sale of the company.

The Serious Fraud Investigation Office will record the statements of Satyam's former chairman B Ramalinga Raju, his brother Rama Raju and former Chief Financial Officer Srinivas Vadlamani on February 14, and the Price Waterhouse auditors' statements on February 15.

Meanwhile, the court reserved its order on the bail petitions of the Raju brothers and former CFO for February 18.

The sixth additional chief metropolitan magistrate on Friday reserved his orders on the petition filed by the Income Tax department, which sought the court's permission to record the statement of Ramalinga Raju, to February 16. The magistrate also reserved his order on the petition moved by the Sebi seeking permission to question the other accused in the case. It will be pronounced on February 17.

In a related development, the Andhra Pradesh High Court has stayed allotment of Rs 120-crore Gandikota road project to Maytas Infra by the state government on nomination basis.

A public interest litigation was filed about a fortnight ago by P Narayana Reddy of Kadapa district challenging the allotment of the project  to Maytas. The government pleader had then informed the court that the decision was being reconsidered.

However, Andhra Chief Minister Y S Rajasekhara Reddy told the state assembly a couple of days back that he would stick to his decision of awarding the project to Maytas Infra since "the project has been given to Maytas on a nomination basis so as to salvage another Rs 630-crore project, which is also being executed by a Maytas-led consortium."

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