Restatement of Mahindra Satyam accounts by year-end: Nayyar

Tech Mahindra today said it will complete restatement of accounts of the acquired company Mahindra Satyam by year-end.

Speaking to reporters after the board meeting of Mahindra Satyam here, Tech Mahindra CEO Vineet Nayyar said, "It ( restatement of accounts of Mahindra Satyam) is likely to be completed by the end of the year (2009)".

When asked whether global consultants Deloitte is being considered for statutory auditor, Nayyar said, "Yes. Deloitte is under consideration."

Nayyar also said Tech Mahindra's stake in Mahindra Satyam is now increased to over 42 per cent. When asked whether the company would be looking to hike its shareholding to 51 per cent, he said that as of now Tech Mahindra wants to stay with a stake of over 42 per cent only.