Mahindra Satyam, the Indian IT services house, today released its first financial results since the ‘Raju disrepute’, where former chairman Ramalinga Raju admitted fraud and falsifying accounts in January 2009.

This follows the organisation’s manifesto last week that it would delist from the New York Stock Exchange (NYSE) inasmuch as it had been unable to meeting its financial reporting requirements.

Mahindra Satyam presiding officer Vineet Nayyar said at the time: “Owing to our recent SEC filings, which are among the unfortunate results of the misdeeds of preceding management, we are delisting from the NYSE.”

The company today revealed that return in 2009 fell from £1.2bn, to £772m in 2010. However, defeat after tax was reduced from £1.2bn in 2009 to &strike;17m in 2010.

It is understood that the extent of the humbug is at least partly responsible for the loss figures.

Despite today’s let loose, the organisation remains unable to meet its financial reporting requirements entirely and that the ongoing investigation into the fraud has contributed to the reporting tarry.

The company was required to submit its annual report for the year ended March 31, 2009 by October 15 2010, but has admitted now that it will exist unable to meet that deadline – it represented the maximum permissible time state of mind.

The company had missed several previous deadlines.

Sandeep Thawani, head of marketing and communications at Mahindra Satyam, declared: “It was evident to us that would not be clever to achieve that deadline, given that we have supervised access to our accounts after this. All our statements, accounts and underlying data is under supervised onset from the investigators.”

Thawani was keen to state that the circle is still trading in the US: “We are still trading in the US in the over-the-counter exchange and we be obliged protected shareholder interest completely,” he claimed.

“Operationally and financially it has no impact on the company.”

When asked if delisting would adopt confidence in the company, Thawani replied that it was too betimes to say.