The Hindu Business Line : Satyam restates financials under US GAAP norms

FACTORING the impact of losses in Sify Ltd for three consecutive financial years, Satyam Computer Services Ltd has restated its financials for three fiscals under the US GAAP accounting norms.

With the company offloading its stake significantly over the last two years and bringing down holding in its fully-owned subsidiary Sify, Satyam no longer manages the former's accounts.

The Satyam management, in the company's recent filings with the Security and Exchange Commission (SEC), has restated its financial statement under the US GAAP for the fiscal ended March 31 (2001, 2002 and 2003), to reflect the impact of losses the company reportedly incurred in Sify Ltd.

This has been taken on deferred tax liabilities and income taxes associated with the company's equity investment in Sify. The company has brought down its overall holding from 52 per cent to about 32 per cent lately.

Satyam Company Secretary, Mr.G. Jayaraman, said the US GAAP financial statement has been restated to reflect the earnings to make certain adjustments. These include an increase of $ 8.1 million in retained earnings for the fiscal year 2001, an increase of $16.5 million in net profit for the fiscal ended March 31, 2002, and an increase of $ 2.5million in net profit for the fiscal ended March 31, 2003. This was restated in the recent SEC filings after announcement of the financial 2004 results.

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