Mahindra Satyam (formerly Satyam Computer Services) plans to delist from the New York stock exchange as it may not be able to meet the United States' October 15 deadline to file restated financial accounts, says an AFP report on ChannelNewsAsia.
"Due to our late SEC filings, which are amongst the unfortunate results of the misdeeds of the former management, we are delisting from the NYSE," Vineet Nayyar, chairman of Mahindra Satyam, said.
The Indian company now plans to disclose financial statements by local accounting norms on September 29.
Shares in the company will continue to trade on Indian markets, the statement added.
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