Tech Mahindra Receives letter from New York Stock Exchange regarding Late Filing of U.S. Annual Report; And Also receives orders from Hon’ble Company Law Board for Extension of Time for Filing Statement of Accounts
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Hyderabad, India, October 20, 2009: Mahindra Satyam (the new brand identity of Satyam Computer Services Ltd. — NYSE: SAY) (the “Company” or “Satyam”), announced today that on October 16, 2009, the Company received a letter from the staff of NYSE Regulation, Inc. advising the Company that due to the failure of the Company to file its annual report on Form 20-F with the SEC by October 15, 2009, the Company will be included in the late filers list on the Listing Standards Filing page on www.nyse.com on October 22, 2009 and an “.LF” indicator will be appended to the Profile, Data and News pages provided by NYSE and to the Company’s trading symbol as reported on the consolidated tape.
The letter further advised the Company that NYSE Regulation, Inc. will closely monitor the status of the Company’s late filing and related public disclosure for up to an initial six-month period from the report’s original due date. The letter indicated that the NYSE Regulation, Inc. may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances as outlined in Rule 802.01E of the NYSE Listed Company Manual. The letter further noted that regardless of the procedures described in the letter, NYSE Regulation, Inc. could commence delisting proceedings at any time during the period that is available to complete the filing, if circumstances warrant.
Further, Tech Mahindra is in receipt of two orders from Hon’ble Company Law Board dated October 15 and 16, 2009:-
•Authorizing the Board of the Company to appoint statutory auditors for financial year 2008- 2009, subject to ratification by the shareholders in their meeting as and when held
• Extending to June 30, 2010 the time for filing of documents required to be filed by the Company with the various statutory authorities in India, including the financial statements for financial years 2008 and 2009 and the quarterly financial reports as required under the Company’s listing agreements with the stock exchanges.
• Permitting the Company to reflect any errors, omissions, irregularities, misstatements or any other irregularity identified for periods prior to financial year 2008-2009 as prior period adjustments in the financial statements for the financial year 2008-2009.
• Permitting the Company to present the audited annual financial statements for the financial years 2008-2009 and 2009–2010 together in one annual general meeting of the Company’s shareholders, if so required, and to hold such meeting of the Company’s shareholders within three months of finalizing the audited financial statements for these years.
About Tech Mahindra
Tech Mahindra (NYSE: SAY) is a leading global business and information technology services company that leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance.
The company's professionals excel in enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services, among other key capabilities.
Tech Mahindra is part of the $6.3 billion Mahindra Group, a global industrial conglomerate and one of the top 10 industrial firms based in India. The Group’s interests span financial services, automotive products, trade, retail and logistics, information technology and infrastructure development.
Tech Mahindra development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 organizations.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements.
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology services and solutions, enabling Enterprises, Associates and the Society to Rise™. We are a USD 4.1 billion company with 112,800+ professionals across 90 countries, helping over 825 global customers including Fortune 500 companies. Our innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value to our stakeholders. Tech Mahindra is also amongst the Fab 50 companies in Asia as per the Forbes 2016 List.
We are part of the USD 17.8 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles,after-market, information technology and vacation ownership.
Connect with us on www.techmahindra.com