L&T accuses Satyam of keeping shareholders in dark

NEW DELHI: Engineering and construction major L&T said Satyam Computer Services, which is rebranded as Mahindra Satyam, has kept its shareholders in the dark about it's performance.

There is no information available about Satyam's sales, earnings and employees, L&T's top official said, adding that due to a lack of information it was not able to decide when to sell stake in Mahindra Satyam.

"We do not know how the underlying performance of this particular entity (Satyam) is. There is neither any information on sales, EBITDA, number of employees, nothing is known as far as this particular entity is concerned," L&T Chief Financial Officer YM Deosthalee said in an interview to a news channel.



"Unfortunately, I do believe shareholders are in complete darkness as to what is going on in this company...I hope by June we will know as to what is going on," he added.

Larsen & Toubro had 4.58 per cent stake in Mahindra Satyam at the end of March quarter, according to the information available with Bombay Stock Exchange.

Deosthalee said Satyam's stake is not strategic for the company and will take a call on share sale after


June.