Mahindra Satyam board approves delisting from NYSE

HYDERABAD: Mahindra Satyam board today approved the delisting of its shares from the New York Stock Exchange ( NYSE) post its failure to comply with the US accounting norms.

However, it expects to re-state its accounts as per US GAAP (accounting norms) in the next 6-8 months.

"We were not current with the US GAAP and we had two choices, either the New York Stock Exchange (NYSE) delists us or we delists ourselves voluntarily. In consultation with the NYSE, we have delisted ourselves voluntarily," Mahindra Satyam chairman Vineet Nayyar told reporters here.

However, it is our objective to complete the US GAAP and become current by the standards in six months time, he added.