HYDERABAD: Even as the tech fraternity at Satyam was rejoicing over the appointment of Deepak Parekh and Kiran Karnik as directors of the
reconstituted board, a small section in the industry raised questions about their presence on the boards of competitors. Eyebrows were also raised about Karnik’s presence on the board of EMRI, another B Ramalinga [...]
HYDERABAD, India (Reuters) - Shares in Satyam Computer Services Ltd could jump 20-30 percent on Monday after the government stepped in to appoint a three-man board in a bid to restore confidence in the outsourcing company rocked by the country’s biggest corporate scandal.
The board will meet at Satyam headquarters in the southern city of Hyderabad [...]
Raghuvir Srinivasan
Is the Satyam scandal just about a promoter manipulating the financial statements of his company to show a superior performance? Or is it about systematic siphoning of funds from the company over the years? Emerging events seem to increasingly point to the latter.
Let’s start with the so-called “confession statement” of Mr Ramalinga Raju, [...]
HYDERABAD: Satyam’s chief financial officer (CFO) Vadlamani Srinivas on Sunday claimed that he had no knowledge of fudging of over Rs 7,000
crore by former chairman B Ramalinga Raju.
According to sources, Vadlamani in his confession stated he wasn’t aware of the fraud as his 80-member team provided him documents and he blindly signed on them.
Crime Investigation [...]
HYDERABAD: In September, when the forthright chairman of the Delhi Metro Rail Corporation (DMRC) warned that the Hyderabad metro rail project won by a consortium led by Maytas Infra could be “a future political scam”, a furious Andhra Pradesh government threatened to sue him for defamation. E Sreedharan had touched a raw nerve by suggesting [...]
HYDERABAD: Chief Minister YS Rajasekhara Reddy admitted that the Satyam fiasco had eroded the corporate image of the State as well as the Centre. The government was studying the situation following the financial fraud committed by Ramalinga Raju and its effect on Maytas. It was also awaiting the preliminary inquiry report, the chief minister said.
“I [...]
The duo slept with 28 other inmates accused of crime like theft, dowry harassment and cheating among others.
As a ‘C’ class prisoner Raju would be eligible for 650 grams of rice thrice a day and 250 grams of vegetable curry and 125 grams of dal.
Tea would be served twice a day and there would be [...]
The government has appointed three new members on Satyam’s Borad - Dr Deepak Parekh, Kiran Karnik and C Achuthan.
Corporate Affairs Minister P C Gupta has said that the new Satyam Board will meet in the next 24 hours. He also said that the chairman will be decided by the Board.
“Will ensure there is business continuity. [...]
From a business tycoon used to sleeping in luxurious beds and driving around in a Mercedes, B Ramalinga Raju, the disgraced chief of Satyam Computer Services, has now turned into someone who will sleep on a coarse thick mattress and share a cellthat includes a common Indian toilet-with about 40 undertrials wanted for murder, rape, [...]
Hyderabad (PTI): Founder of Satyam Computer, B Ramalinga Raju, who lived like a ‘king’ before admitting fudging of company accounts to the tune of Rs 7,800 crore, slept on the floor of the Chanchalguda jail here like other ordinary prisoners.
Raju and his brother Rama Raju, the Managing Director of the company, would be treated [...]
NEW DELHI - Indian police yesterday arrested Vadlamani Srinivas, the chief financial officer of outsourcing company Satyam Computer Services, the third executive to be charged in a fraud case involving nonexistent assets. The arrest came as authorities tried to contain the $1 billion scandal by dissolving the company’s board and announcing plans to name [...]
After the news of the Satyam scam broke out, giving the IT major the impression of a fort made of a Rs 7000 crore lie, recruiting agencies in the country are flooded with resumes from the panicked employees of the beleaguered IT company.
But the news that many IT companies have blocked the hiring of Satyam [...]
Even as many people in the city who own Satyam shares are feeling the heat, there are actually some who are picking up the shares at the current rock bottom price, in the hope that a bail-out will soon revive the company and eventually get them handsome profits.
“I bought 200 shares a couple of days [...]
# India’s No.4 software services exporter was founded in 1987 by Chairman B. Ramalinga Raju, who was born into a family of farmers and is a Management graduate from Ohio University.
# Satyam debuted on the Indian markets in 1991, followed by a listing in New York in 2001. Last year, it launched a secondary listing [...]
Sources say he had outlined his business model long ago when he was at Harvard. One evening, out drinking with a friend, Raju allegedly scribbled the plan, after six pegs of Bourbon, on a table napkin. Since he then omitted to pay for the booze, the guy he was drinking with kept the napkin. “I [...]
Hyderabad: Investigating teams of the Securities and Exchange Board of India (SEBI) and Serious Fraud Investigation Office (SFIO) have not been able to interrogate B. Ramalinga Raju, former Chairman of Satyam Computer Services and his brother, Rama Raju (former MD) on Saturday.
he duo were housed at the DGP’s office for most part of the day, [...]
The government is likely to announce the names of news board members of Satyam, sources said.
On Friday, the government had disbanded the board of Satyam Computer for “failing to do what they were supposed to”.
Meanwhile, Satyam’s fallen promoters Ramalinga Raju and his brother Rama Raju will spend the next two weeks in judicial custody at [...]
NEW DELHI (Reuters) - India’s government is working on choosing the directors for the new board of outsourcer Satyam Computer Services, Corporate Affairs Minister Prem Chand Gupta said on Saturday.
“We are working on the names,” Gupta told reporters.
The board of Satyam, which was scheduled to meet on Saturday, was dissolved by the government on Friday, [...]
NEW DELHI – Indian police arrested the chief financial officer of embattled outsourcing giant Satyam Computer Services Ltd. on Saturday, the third executive to be charged in a massive fraud scandal that threatens to roil India’s flourishing tech industry.
The arrest of Vadlamani Srinivas came as authorities tried to contain the $1 billion fraud scandal by [...]
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