Some ardent followers of B Ramalinga Raju and some employees of Maytas are invoking the Almighty to come to the aid of the beleaguered IT strongman. (See Image Below)
These fans conducted a prayer and havan service to help the disgraced former chairman of Satyam Computer Services obtain bail.
The prayers are being held so that [...]
Andhra Pradesh police has begun scrutinizing the records seized during the searches at the Satyam’s office premises and residences of Raju brothers and Satyam’s former CFO Vadlamani Srinivas.
A number of documents have been seized during the raids at the Satyam’s offices and residences of former chairman of Satyam Computers B Ramalinga Raju, his brother and [...]
The Central Government has also stepped into the Satyam Computers scam. Sources have told CNN-IBN that Prime Minister Manmohan Singh has directed Cabinet Secretary KM Chandrashekhar to coordinate government’s action on the Satyam scam.
Manmohan on Monday also reviewed developments at Satyam along with Securities and Exchange Board of India (SEBI) chief CB Bhave and senior [...]
HYDERABAD: In their first joint press conference after being appointed on board the beleaguered Satyam, the three independent board members Satyam board members Satyam board members Deepak Parekh (C), Kiran Karnik (R) and C Achutan at a press conference in Hyderabad. (AFP)
Deepak Parekh, K Karnik and C Achutan said that the board will try to [...]
New Delhi: Commerce Minister Kamal Nath Monday said the government was looking at all options to help fraud-hit Satyam Computer Services out of its current mess, perpetrated by its former chairman R. Ramalinga Raju. The Minister told PTI that the government would extend financial support to Satyam.
“The government is looking at all aspects,” Kamal Nath [...]
Day-long meeting of newly constituted Satyam board ended with a press conference where in the three board members, Deepak Parekh, Kiran Karnik and C Achuthan said that the immediate priority was to continue services.
The board members said that they enjoy immunity as by virtue of being govt employed directors. They said that the new auditors [...]
Satyam’s disgraced former chairman Ramalinga Raju has confessed to his crime, says a court report.
According to report, company’s accounts were manipulated for past seven years to show higher income and to avoid hostile acquisition.
The report also says that in the confessional statement, Raju said, “I and my brother Rama Raju took the decisions.”
Earlier, a Hyderabad [...]
Swinging into action on the very first day of taking charge of the scam-tainted Satyam, its three-member board on Monday announced that top management would be changed and every effort made to address the prime concern of liquidity, including asking main clients to make advance payments.
Announcing the decisions taken at the meeting of the three-member [...]
Troubled Satyam Computer Services, facing a liquidity challenge, may get financial support from the government, which is willing to consider “all aspects” of helping the crisis-ridden company, Commerce and Industry Minister Kamal Nath said on Monday.
Since it was a question of saving jobs and an international Indian brand, the government would consider all the proposals [...]
Shares of Satyam Computer Services staged a sharp recovery Monday after their recent crash, as the government’s decision to appoint new members to its board raised hopes the software major may be rescued after India’s biggest corporate fraud came to light at the company last week.
After losing nearly 87% of its value in just the [...]
HYDERABAD, India (Reuters) - India’s embattled Satyam Computer Services needs a new chief executive and chief financial officer to bring normalcy back to the outsourcer hit by a massive accounting fraud, a board member said on Monday.
Satyam may ask its outsourcing clients to pay earlier to help tide over the tough liquidity situation, Deepak Parekh, [...]
Stating that nothing prevented the CBI from taking up the probe into the Satyam fraud and the CB-CID would coordinate with different agencies in the investigations, Andhra Pradesh CM Y S Rajasekhara Reddy on Sunday said he felt sad upon learning the fiasco, as it had cast a shadow on the future of the country, [...]
NEW DELHI: Even before the dust settled on the controversy involving Satyam’s debarment, the World Bank on Monday revealed that action has beentaken against a total of five entities in India, including Wipro Technologies, and an individual.
The action was initiated against these entities and individual as they were found to have “violated the fraud [...]
In its first meeting, the board is likely to elect Deepak Parekh as its chairman. It is learnt that the government has already sounded the members about Parekh as chairman. The other members will be appointed by the government with the consultation of the chairman and other appointed board members. - sources
Satyam’s three-member board constituted by the government met for the first time on Monday to discuss ways to get the IT company back on track.
Eminent banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achuthan arrived at the Infocity campus of Satyam in Hyderabad for the meeting, in which the chairman of [...]
HYDERABAD: A city court on Monday deferred till January 16 hearing on bail applications filed by Satyam’s three disgraced executives including
Ramalinga Raju, as also market regulator Sebi’s plea for quizzing Raju.
Hearing on the bail plea will be taken up by the 6th chief metropolitan magistrate on January 16, Raju’s lawyer Bharat Kumar told reporters, adding [...]
Hyderabad: The arrested Satyam top brass claim PricewaterhouseCoopers (PwC), the company auditors, never warned Satyam of discrepancies in accounts over the last seven years.
In a confession letter – to which Network 18 has exclusive access – ex-Satyam Chairman Ramalinga Raju admits to the fraud and justifies his position.
Following are the pointers of the letter:
Because [...]
HYDERABAD, INDIA, Jan 12 - India’s Satyam Computer Services will hold a news conference at 5 p.m. (1130 GMT) on Monday after the first meeting of the newly constituted board, a media relations official said.
Deepak Parekh, chairman of Housing Development Finance Corp, one of the three-member new board, will address the media, the official said.
Source: [...]
Disgraced Satyam chairman Ramalinga Raju and his brother Rama Raju continue to be in judicial custody.
Their counsel is expected to apply for bail on Monday while the police will push for custody.
According to reports, the Andhra CID also raided Satyam’s headquarters on Sunday, and some searches were carried out at Ramalinga Raju’s house.
Meanwhile, Satyam’s chief [...]
The new board of the Satyam Computers will meet to elect its chairman and work out revival strategies.
The government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former SEBI member C Achuthan to Satyam Computer’s Board.
“We will meet tomorrow (MONDAY) at Hyderabad,” HDFC Chairman Deepak Parekh said.
Parekh along with Karnik, former [...]
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