ID :
40096
Mon, 01/12/2009 - 09:11
Auther :
Shortlink :
http://m.oananews.org//node/40096
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Trading in Satyam securities may resume tomorrow on NYSE
New York, Jan 11 (PTI) Trading in the securities of Indian IT company, Satyam Computer may resume Monday, if the New York Stock Exchange (NYSE) finds its assessment of the company satisfactory but the exchange has warned that it may also suspend the shares if dealings were not advisable.
"Trading on NYSE may resume on Monday, January 12, 2009,
as NYSE continues its assessment. The NYSE notes that it may,
at any time, suspend a security if it believes continued
dealings in the security are not advisable," the stock
exchange said.
In a statement issued here, NYSE said it had continued
with the trading halt of the American Depositary Shares (ADSs)
of Satyam Computer that had been in place since January 7.
NYSE is reviewing the company's suitability for continued
listing in light of all relevant circumstances and news
including recent filings made by the company with the US
market regulator Securities and Exchange Commission, it added.
Earlier on January 8, Satyam Computer had submitted 6-K
filing to the Securities and Exchange Commission, wherein the
IT firm had informed that the Securities and Exchange Board of
India has launched a formal investigation regarding the
circumstances surrounding the financial irregularities alleged
in the resignation letter of B Ramalinga Raju.
Besides, a copy of the order of the special judge for
Economic Offences at Hyderabad was also attached with the
disclosure.
As per the said order, the Registrar of Companies, Andhra
Pradesh has launched a "search and seize" operation as part of
a formal investigation regarding the financial irregularities
alleged in the resignation letter of Raju.
The disclosure made by Satyam Computer to the SEC include
exhibits of SEBI Proceedings of the whole time member
appointing investigating authority dated January 7, court
order of the special judge for economic offences at Hyderabad
dated January 8, press release of Satyam dated January 9 and
order of the Company Law Board principal bench New Delhi dated
January 9.
The NYSE will continue to closely monitor all events in
connection with its review of the appropriateness of the
company's continued listing, given all relevant circumstances,
the NYSE statement said.
"Trading in the American Depositary Shares of the Company
on EuronextAmsterdam is also subject to the assessment," the
statement added. PTI DRR
"Trading on NYSE may resume on Monday, January 12, 2009,
as NYSE continues its assessment. The NYSE notes that it may,
at any time, suspend a security if it believes continued
dealings in the security are not advisable," the stock
exchange said.
In a statement issued here, NYSE said it had continued
with the trading halt of the American Depositary Shares (ADSs)
of Satyam Computer that had been in place since January 7.
NYSE is reviewing the company's suitability for continued
listing in light of all relevant circumstances and news
including recent filings made by the company with the US
market regulator Securities and Exchange Commission, it added.
Earlier on January 8, Satyam Computer had submitted 6-K
filing to the Securities and Exchange Commission, wherein the
IT firm had informed that the Securities and Exchange Board of
India has launched a formal investigation regarding the
circumstances surrounding the financial irregularities alleged
in the resignation letter of B Ramalinga Raju.
Besides, a copy of the order of the special judge for
Economic Offences at Hyderabad was also attached with the
disclosure.
As per the said order, the Registrar of Companies, Andhra
Pradesh has launched a "search and seize" operation as part of
a formal investigation regarding the financial irregularities
alleged in the resignation letter of Raju.
The disclosure made by Satyam Computer to the SEC include
exhibits of SEBI Proceedings of the whole time member
appointing investigating authority dated January 7, court
order of the special judge for economic offences at Hyderabad
dated January 8, press release of Satyam dated January 9 and
order of the Company Law Board principal bench New Delhi dated
January 9.
The NYSE will continue to closely monitor all events in
connection with its review of the appropriateness of the
company's continued listing, given all relevant circumstances,
the NYSE statement said.
"Trading in the American Depositary Shares of the Company
on EuronextAmsterdam is also subject to the assessment," the
statement added. PTI DRR
