Satyam to decide on relisting in US stock exchange

HYDERABAD: Days after announcing delisiting its ADRs from NYSE by October, Mahindra Satyam said it will take a final decision on relisting on a US stock exchange after completing its auditing under the US accounting norms.

Mahindra Satyam Chairman Vineet Nayyar said the "company will take a call on the relisting after it finishes the accounts under US GAAP".

Nayyar said it would take 6 to 7 months to complete the US GAAP accounts of the company.

"It is our objective that we will complete USGAAP and we will meet the USGAAP standards in six months time. There after we will examine whether we relist or continue to be on the OTC. That decision has not yet been taken," Nayyar told media persons.

He said the Indian GAAP also as competent as that of any other financial system.

The company would delist its American Depositary Receipts (ADRs) from the NYSE on October 14 as it is unable to comply with US market guidelines. ADRs are shares issued by non-American companies to raise money in the US.