Mahindra Satyam accounts' restatement by year-end

Tech Mahindra said on Friday 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 in New Delhi, 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)".

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.

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.