Reports don't reflect financial position: Satyam

Bangalore, Dec.3 (ANI): Satyam Computer Services has said recent media reports on the magnitude of the accounting fraud at the company don't reflect its current financial position and liabilities.

India's Central Bureau Of Investigation had late last month said the fraud is now estimated at 118.8 billion rupees (2.77 billion dollars), much larger than the initial estimate of 71.36 billion rupees.

However, some recent local media reports have said the extent of the fraud could be as high as 140 billion rupees.

According to The Daily Telegraph, the company was thrown into turmoil in January when its founder, B. Ramalinga Raju, admitted he had overstated the software exporter's profits for several years and created a fictitious cash balance of more than a billion dollars.

Satyam's shares have fallen more than nine per cent since November 24 when India's federal agency investigating the fraud filed additional charges of cheating and forgery and said the fraud was much larger than initially estimated. (ANI)