Den Haag, 2 december 2009 ? Mahindra Satyam (NYSE: SAY) verklaart dat het op de hoogte is van recente mediaberichten dat het Central Bureau of Investigation (CBI) van India een aanvullende aanklacht heeft ingediend. Het CBI heeft ‘charge-sheet’ ingediend tegen bepaalde personen als gevolg van de financiële onvolkomenheden die voormalig bestuursvoorzitter Ramalinga Rahu op 7 januari 2009 heeft bekend. Mahindra Satyam verklaart dat de beweerde omvang van de schade voor investeerders of de verkeerde voorstelling van zaken met betrekking tot de boekhouding geen inzicht bieden in de huidige financiële positie van aansprakelijkheid van het bedrijf. Met dit persbericht wil het bedrijf onduidelijkheden wegnemen.
Onderstaand vindt u het volledige Engelstalige persbericht.
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Mahindra Satyam Provides Update Regarding Recent Press Reports in India
Hyderabad, India — December 1, 2009 — Mahindra Satyam (the brand identity of Satyam Computer Services Ltd. — NYSE: SAY) (the “Company”) today commented that it is aware of recent press reports that the Central Bureau of Investigation (“CBI”) of India has filed a supplementary ‘chargesheet’ against certain individuals in connection with the financial irregularities confessed by Mr. Ramalinga Raju, the former Chairman of the Company on January 7 of this year. A chargesheet is a formal document of accusation prepared by a law-enforcement agency in India. The Company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the Company’s accounting records do not necessarily shed light on the present financial position and liabilities of the Company. This release is intended to clarify this issue.
With respect to the financial position of the Company, as previously reported, pursuant to orders from Hon’ble Company Law Board of India, the Company has been given extension for filing of returns/documents which are required to be filed with various statutory authorities under various statutes, whether already due or to become due, until June 30, 2010. This extension would also apply to publication of quarterly financial reports as required by the listing agreement, whether overdue or to become due.
The Company is currently defending certain lawsuits in the United States of America. The Company cannot currently quantify its potential liability in those lawsuits.
In India, as previously reported in a Form 6-K filed with the U.S. Securities and Exchange Commission on November 17, 2009, Mahindra Satyam has received legal notices from 37 companies claiming a refund of Rs.1230 crores (equivalent to approximately USD 265 million at exchange rate of Rs.46.47 per US Dollar), allegedly given as a temporary advance. The notices claim the money back to allegedly repay their creditors, some of which include Maytas Properties Limited and Maytas Infra Limited. The confession letter dated January 7, 2009, of the former Chairman of the Company also refers to a net amount of Rs.1230 crores arranged to the Company by the 37 companies. On November 14, 2009, Mahindra Satyam replied to the legal notices stating that the claims are legally untenable.
The Company is also aware of recent press articles reporting that the supplementary charge sheet states that those accused of the financial irregularities forged board resolutions and obtained loans of Rs.1,220 crore (equivalent to approximately USD 264 million) from banks without proper authorization. The Company is not currently aware of the full details of these alleged loans and so cannot assess at this time their potential impact on the Company, if any. However, to date no claims or demands in this regard have been asserted against the Company by any bank.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information provided herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on beliefs and assumptions by management and on information currently available to management. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Additional factors that could cause actual results to differ materially from those contained in any forward-looking statement include, without limitation: the outcome of pending litigation and other proceedings involving the Company, including the Company’s ongoing litigation in the United States of America; unanticipated accounting issues or audit issues which might arise as the Company continues to investigate and correct the alleged prior misstatements in its accounting records (the “Review”); unanticipated additional liabilities of the Company that are discovered as a result of the Review or as a result of ongoing investigations in India and the United States of America; the likelihood that deficiencies in the Company’s internal controls constitute material weaknesses in the Company’s internal control over financial reporting; unanticipated issues regarding the Review that prevent or delay the Company’s independent registered public accounting firm from relying upon the Review or that require additional efforts, documentation, procedures, review or investigation; the Company’s ability to design or improve internal controls to address issues detected in the Review or by management in its reassessment of the Company’s internal controls; difficulties in controlling expenses, including costs of the Review, legal compliance matters or internal controls review, improvement and remediation; the Company’s ability to become current in its periodic reporting under Indian and American laws; general business, economic and political conditions; the Company’s ability to effectively and successfully implement its financial and strategic alternatives, as well as business strategies, and manage the risks in its business; and the reactions of the marketplace to any of the foregoing.
Over Mahindra Satyam
Mahindra Satyam (NYSE: SAY) is een toonaangevende en wereldwijde IT-dienstenleverancier. Het bedrijf combineert uitgebreide marktkennis en functionele expertise met hoogwaardige technologie. Mahindra Satyam helpt klanten zo hun bedrijfsprocessen te transformeren en hun prestaties te verbeteren.
De professionals van Mahindra Satyam zijn sterk in bedrijfsoplossingen, supply chain management, CRM, business intelligence, kwaliteitsbeheer, engineering en product life cycle management, en infrastructuurdiensten.
Mahindra Satyam is onderdeel van de Mahindra Group, een industrieconglomeraat met een omzet van $ 6,3 miljard. Het bedrijf is actief in financiële dienstverlening, de automotive sector, de handel, de retail en logistiek, de informatietechnologie en de infrastructuurontwikkeling.
Mahindra Satyam is wereldwijd actief en werkt voor tal van klanten, waaronder verschillende Fortune® 500-organisaties. Het bedrijf heeft development- en delivery-centra in de Verenigde Staten, Canada, Brazilië, het Verenigd Koninkrijk, Hongarije, Egypte, de Verenigde Arabische Emiraten, India, China, Maleisië, Singapore en Australië. Meer informatie is beschikbaar op
www.mahindrasatyam.net. Volg Mahindra Satyam op Twitter:
twitter.com/mahindra_satyam.
Voor meer informatie:
Lammers van Toorenburg Benelux PR
Lianne van Dijk
Tel.: 030 65 65 070
E-mail:
lianne@lvtpr.nlMahindra Satyam
Sandeep Thawani
Tel.: +44 (0) 20 7715 5000
E-mail:
Sandeep_thawani@mahindrasatyam.net