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Our Bureau

Hyderabad, Oct. 20 The NYSE Regulation Inc has cautioned Mahindra Satyam that it might initiate delisting procedures against the company.

“NYSE Regulation has written to us stating that it will closely monitor the status of the company’s late filing and related public disclosure for up to an initial six months from the report’s original due date,” Mahindra Satyam informed the Securities Exchange Commission of the US and Bombay Stock Exchange.

A subsidiary of NYSE Euronext, NYSE Regulation regulates equities and options trading and listing compliance for the New York Stock Exchange, NYSE Arca, and NYSE Amex. NYSE Regulation had said in the letter that the Hyderabad company would be included in the “late filers list” on the NYSE Web site on October 22 as it failed to submit the annual report by October 15.

Regardless of the procedures described in the letter, NYSE Regulation can start delisting proceedings any time during the (six-month) period that is available to complete the filing, if circumstances warrant.

In the communication to the exchanges, the company secured further extension up to June 30, 2010, from the Company Law Board to submit the accounts for the financial years 2008 and 2009 with various statutory authorities in India.

Earlier, the CLB allowed the company to submit the accounts by March 31, 2010, as it re-audits the company, hit by the Rs 7,136-crore financial fraud by the erstwhile management.

The CLB also permitted the company to present the audited annual financial statements for 2008-09 and 2009-10 in one annual general meeting.

It could hold such a meeting within three months of finalising the audited financial statements for the two years.

When contacted, Mr Vineet Nayyar, Vice-Chairman of Mahindra Satyam, said: “We do not wish to comment”.

More Stories on : Software | Stocks | Satyam Computer Services Ltd

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