Satyam accounts restatement likely by end-December: Achuthan

Satyam accounts restatement likely by end-December: Achuthan

"It is a difficult task, over eight years of accounts have to be looked at. However, we are hopeful of completing accounts restatement by this year-end," Achuthan said.

The multi-crore rupee accounting scam in Satyam Computer came to light after the IT major's founder B Ramalinga Raju confessed to cooking the company's accounts over several years. Following the scam, the government appointed a team of experts, including Kiran Karnik, Deepak Parekh and Achuthan, among others, on the company's Board to bring it back on rail.

Satyam was recently acquired by the Anand Mahindra-led Tech Mahindra.
"Global audit majors KPMG and Deloitte are working on restating the accounts and the process would, hopefully, be completed by end-December this year," Achuthan said.
While the company is regaining its health, both in terms of the number of clients as well as employee morale, its financial side recovery would, however, take some more time, he said.

"(The) financial side recovery would take some time," Achuthan, a former presiding officer of the Securities Appellate Tribunal, said. "The company is not yet generating enough funds to declare dividends -- this will take some time. There are also some liabilities such as the class action suits against the company in the US. These will have to be resolved," he said.
It also has a large labour force and consequently, huge overheads. "There has to be a matching revenue- generation," he said.

On the class action suits against the company, he said that out-of-court settlement would be preferable as that would save a lot of time in settling disputes. "However, before taking any decision, the company's interests will be taken into consideration," Achuthan said.

DH Newsletter Privacy Policy Get top news in your inbox daily