MUMBAI: IT firm Mahindra Satyam said on Friday it would delist from the New York Stock Exchange in mid-October due to non-compliance, adding that it would likely miss its deadline to report financial results for fiscal year 2009.
Satyam shocked investors in January 2009 when the firm's former chairman and founder Ramalinga Raju said its profits had been overstated and assets falsified in a fraud allegedly worth over $1.5 billion.
The company on Tuesday said its board will review its audited financial results for fiscal years 2009 and 2010 on Sept. 29, which analysts say will take it closer to a merger with parent Tech Mahindra. Tech Mahindra, which bought Satyam in April 2009 and is operating it as an independent company, has said it can only merge the firm into the parent after the restated results for fiscal years 2009 and 2010 are announced.
Satyam's auditor PricewaterhouseCoopers had said all Satyam audit reports from 2000 through 2008 should no longer be relied upon, after the revelation of the fraud. Analysts do not expect the company to restate numbers earlier than the 2008/09 fiscal year (April-March). Satyam, which once ranked as India's No. 4 outsourcing firm, has not reported results beyond the September quarter in 2008.
Satyam faces class action lawsuits from shareholders in the United States, which were filed after a sharp plunge in its New York-listed shares following the revelation of the fraud. The company has also received legal notices claiming a refund of 12.3 billion rupees ($265 million) by 37 companies, which Mahindra Satyam has said are "legally untenable".
Last December, Satyam agreed to pay $70 million to Britain's Upaid Systems Ltd to settle a patent suit and in August won a New York court ruling to withhold taxes on the payment.
Friday, September 24, 2010
‘Peepli Live’ makes it to the Oscars!
Mumbai: Well, Aamir Khan has done it again. ‘Peepli Live’ has been selected as India’s official entry at the 83rd Academy Awards to be held in US next year in 2011.
Speaking to a news daily Supran Sen, secretary general of the Film Federation of India said, “Peepli Live has been selected as India`s official entry for the Oscars out of 27 films.”
The film produced and promoted by Aamir Khan has gone on to become India’s calling card from world’s most prestigious film awards – the Oscars! Peepli Live has been short listed in the Best Foreign Film category.
Holding the megaphone for the first time, the director of ‘Peepli Live’ Anusha Rizvi is no less than a revelation for the evolving Indian cinema. The movie is satirical take on farmer suicides in India and how media and politicians tackle the issue.
Reportedly, the film even earned appreciation from the Prime Minister of India as it was screened for him and his family members and some close friends.
This is third time lucky for Aamir Khan Production as the actor`s previous films ‘Lagaan’ (2001) and ‘Taare Zameen Par’ (2007) were also selected to represent India at the Academy awards.
‘Laagan’, which saw Aamir playing a farmer in British Raj, was shortlisted in a category of five but lost to Bosnian war film ‘No Man`s Land’.
The story of ‘Peepli Live’ follows two poor farmers who face losing their land over an unpaid debt after poor monsoon rains. A local politician suggests they commit suicide so their families get compensation.
A journalist overhears one of the farmers apparently urging the other to end his own life, triggering a media frenzy about whether he will go through with it, lampooning India`s sensationalist television news channels.
The film is a black comedy and in fact a brave attempt to expose India’s underbelly.
Speaking to a news daily Supran Sen, secretary general of the Film Federation of India said, “Peepli Live has been selected as India`s official entry for the Oscars out of 27 films.”
The film produced and promoted by Aamir Khan has gone on to become India’s calling card from world’s most prestigious film awards – the Oscars! Peepli Live has been short listed in the Best Foreign Film category.
Holding the megaphone for the first time, the director of ‘Peepli Live’ Anusha Rizvi is no less than a revelation for the evolving Indian cinema. The movie is satirical take on farmer suicides in India and how media and politicians tackle the issue.
Reportedly, the film even earned appreciation from the Prime Minister of India as it was screened for him and his family members and some close friends.
This is third time lucky for Aamir Khan Production as the actor`s previous films ‘Lagaan’ (2001) and ‘Taare Zameen Par’ (2007) were also selected to represent India at the Academy awards.
‘Laagan’, which saw Aamir playing a farmer in British Raj, was shortlisted in a category of five but lost to Bosnian war film ‘No Man`s Land’.
The story of ‘Peepli Live’ follows two poor farmers who face losing their land over an unpaid debt after poor monsoon rains. A local politician suggests they commit suicide so their families get compensation.
A journalist overhears one of the farmers apparently urging the other to end his own life, triggering a media frenzy about whether he will go through with it, lampooning India`s sensationalist television news channels.
The film is a black comedy and in fact a brave attempt to expose India’s underbelly.
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