Satyam to delist from NYSE

Mahindra Satyam, previously Satyam Computer Services (SEC), is to delist from the New York Stock Exchange.

This follows a tumultuous 18 months for the company, which has been unable to declare results for the past two fiscal years after its founder, B Ramalinga Raju, confessed to cooking its books last year.

The company said it will be unable to submit its annual reports for the year ended 31 March, something it must do under stock exchange rules.

Chairman of Mahindra Satyam, Vineet Nayyar, said, "Due to our late SEC filings, which are among the unfortunate results of the misdeeds of former management, we are delisting from the NYSE.

"We remain committed to our US investors and we are as keen as ever to serve the needs of US customers," he said.