Trading in Satyam securities may resume on Monday: NYSE

NEW YORK: Trading in the securities of Indian IT company, Satyam Computer may resume on Monday, if the New York Stock Exchange finds its assessment of the company satisfactory but the exchange has warned that it may also suspend the shares if dealings were not advisable.

"Trading on NYSE may resume on Monday, January 12, 2009, as NYSE continues its assessment. The NYSE notes that it may, at any time, suspend a security if it believes continued dealings in the security are not advisable," the stock exchange said.

In a statement issued here, NYSE said it had continued with the trading halt of the American Depositary Shares (ADSs) of Satyam Computer that had been in place since January 7.

NYSE is reviewing the company's suitability for continued listing in light of all relevant circumstances and news including recent filings made by the company with the US market regulator Securities and Exchange Commission, it added.

Earlier on January 8, Satyam Computer had submitted 6-K filing to the Securities and Exchange Commission, wherein the IT firm had informed that the Securities and Exchange Board of India has launched a formal investigation regarding the circumstances surrounding the financial irregularities alleged in the resignation letter of B Ramalinga Raju.



Besides, a copy of the order of the special judge for Economic Offences at Hyderabad was also attached with the disclosure.

As per the said order, the Registrar of Companies, Andhra Pradesh has launched a "search and seize" operation as part of a formal investigation regarding the financial irregularities alleged in the resignation letter of Raju.