Financial Daily from THE HINDU group of publications
Tuesday, Jul 30, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jul 30, 2002 |
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Corporate
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Regulatory Bodies & Rulings Info-Tech - Software Accounts in order, says Satyam Our Bureau
HYDERABAD, July 29 SATYAM Computer Services Ltd has maintained that its books of accounts are in order and that there is no violation of law. The company communicated this to the Deputy General Manager, Surveillance, Bombay Stock Exchange, Ms Devika Shah, following reports of enquiry initiated by the Department of Company Affairs (DCA). In a detailed note, the Vice-President, Corporate Affairs and Company Secretary, Mr G. Jayaraman, has said that the company had responded to the DCA's seeking clarifications with regard to company finances, and reiterated that there were no violations. In response to a DCA query, the company said that the profit made by the company on sale of shares held in Satyam Infoway Ltd, the subsidiary company, of Rs 170.12 crore, has been shown in the profit and loss account under the head non-recurring/extraordinary items in the company annual report for the year 2000-2001. With regard to a query on higher rates of depreciation, the company maintained that it adopted higher rates of depreciation than the specified, which was stated in the annual report and that all the provisions have been complied with.
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