Satyam seeks CLB nod to publish Q3 results

NEW DELHI: Satyam Computer, in the process of restating accounts following the admission of fraud by its disgraced promoter B Ramanlinga Raju, has sought the Company Law Board's approval to publish its third-quarter results.

"We have written to the CLB on Q3 results and (are) awaiting their response. There is no timeline yet on the restatement of accounts," the company spokesperson told PTI.

Asked to comment on the exact employee strength of Satyam in the wake of reports of a massive exodus from the company, the official said "since the restatement of numbers and the bidding process are underway, Satyam is in a quiet period and we are not in a position to state numbers".

The "cleaning up" or restatement of Satyam's accounts is expected to come in July as the newly-appointed audit firms will have to scrutinise the company's fudged numbers starting from 2002, according to a source in the company.

A 30-member team from Chennai-based Brahmaiah & Company, appointed as internal auditor, is going through the fraud-hit IT major's accounts in Hyderabad.

Besides, two foreign auditing firms -- KPMG and Deloitte -- have also been mandated by the Government-appointed Satyam Board to scrutinise the IT firm's books of accounts.

The auditors have been asked to work backwards -- 2008-09 to 2002 -- to facilitate a speedy declaration of Q3 results, the source said.