HYDERABAD: Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd., has clarified that the reports appearing in the media on allegations regarding the magnitude of investor harm or historical misstatements in accounting records do not necessarily shed light on the present financial position and liabilities of the company.
Mahindra Satyam said it was aware of the recent reports on CBI’s supplementary charge-sheet against certain individuals in connection with the financial irregularities confessed by Satyam former chairman B. Ramalinga Raju.
The company was given extension for filing of returns/documents with various statutory authorities until June 30, 2010, and it would apply for publication of quarterly financial reports as required by the listing agreement.
Mahindra Satyam claimed, in a press release, that the company was now defending certain lawsuits in the U.S. and it could not quantify its potential liability in those lawsuits.
It had received legal notices from 37 companies claiming a refund of Rs.1,230 crore allegedly given as temporary advance and they claimed the money back to allegedly repay their creditors, including Maytas Properties and Maytas Infra Limited, the release added..