NYSE:SAT To Delist ADRs Mahindra Satyam Delisting American Depository From New York Stock Exchange- NYSE,
Mahindra Satyam on friday said that it will be able to meet international accounting standards before October 15, and further said that it will be delisting its ADRs- american depository receipts from NYSE. Saytam spokesperson said, it will not be able to meet the extended deadline of oct 15, for submitting results for financial year ending march 31, 2009.
It will submit its delisting plea with the US market regulation securities and exchange commission on october 4, 2010 and would be effective by about oct 14.
Sources are positive on saying that this move will suit mahindra satyam because it would be merged with tech mahindra. with latter not listed on foregin bources, it made more sense if both companies were listed only on Indian Bourses,
The company’s scrip which had so far been trading below Rs 100, has been seeing trading activity from last four days in the lineup to the announcement of restated accounts for fiscal year 2008-09 and 2009-10.
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