Assess tax dues after restatement: Satyam

Reacting to a government statement which says that Satyam Computer, which is now re-branded Mahindra Satyam, owes Rs 532 crore to the income tax department, a Mahindra Satyam official said, “Our accounts are still being restated and the assessment must be subject to the final outcome and any tax liability calculated based on the previous financial may not be accurate.”

The person added that “the parallel process of the investigation by the regulatory authorities and the ongoing forensic auditing, once completed will provide the true picture on the financial performance and related amounts payable if any, to the authorities.” KPMG and Deloittee were mandated to restate financial accounts after Satyam’s disgraced founder B Ramalinga Raju confessed to fudging the books in January this year. The restatement of accounts of Mahindra Satyam is expected to be completed by December, 2009.

Case re-open

In a written reply to the Lok Sabha last week, Minister of State for Finance S S Palanimanickam had said that Satyam Computer owes a hefty Rs 532 crore to the I-T department.Palanimanickam had also confirmed that the income tax authorities have re-opened the income tax assessment in respect of Raju and all other companies in which he was associated along with Satyam Computer.