CLB gives more time to Satyam to declare results

Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.

"Since the company has to restate the accounts for nearly six years after complete audit, which is in progress, I extend the time for filing of returns/documents, which are required to be filed with various statutory authorities...up to December 31, 2009", CLB chairman S Balasubramanian said in its order in the Satyam case.

The extension of time limit, the order said, would also apply to "publication of quarterly financial reports as required by the listing agreement, whether overdue or to become due".

Satyam, in its application before CLB, yesterday prayed for more time to announce financial results and file various returns and documents, as it was in the process of restating the accounts of the company for over six years.

The problem in the company arose after its founder chairman B Ramalinga Raju admitted fudging of books of accounts to the tune of Rs 7,800 crore (Rs 78 billion) in January this year.

Later, the government-nominated Satyam board appointed auditing firms KPMG and Deloitte to restate the accounts of the company.