Tainted IT company Satyam’s former chief financial officer Vadlamani Srinivas is believed to have told the Crime Investigation Department that he used to sign on the dotted lines in the company’s balance sheet.
“I do not pay much attention towards the details of the balance sheet. The original balance sheet used to be kept before first [...]
HYDERABAD, India (AP) — Indian police on Tuesday searched the offices of PricewaterhouseCoopers, the auditors of the troubled outsourcing giant Satyam Computers, whose founder last week admitted to doctoring the company’s accounts for years, an official said.
Satyam’s balance sheets were riddled with “fictitious” assets and “non existent” cash and contained a $1 billion gap that [...]
Satyam employees write slogans supporting Raju on wall in one of Hyderabad campuses.
Image courtesy: Reuters.
The Government orders a probe into the Satyam scam by the Serious Fraud Investigation Office, asks it to submit its report within three months. Company Affairs Minister P C Gupta says the auditors, if found guilty, will also be punished. “Nobody will goo scot free,” he says. Gupta also says the priority for the government [...]
Disgraced former Chairman of Satyam, Ramalinga Raju, received a setback on Monday when a Hyderabad court deferred the hearing on his bail plea till Friday. Now, preparing to fight the legal battle on his behalf is a team of 25 lawyers. (Watch)
“There are some eminent seniors among the 25-member lawyer team but I can’t reveal [...]
The World Bank has hired another Indian IT major Tata Consultancy Services to do much of the work previously being done by Satyam, which has now been debarred by the bank from doing business with it.
“We have hired Tata Consultancy Services (TCS) to do much of the IT work that Satyam used to do,” a [...]
May not be in its current form. With a weak cash position, day-to-day running could become impossible. A sellout is unlikely till probe is over, though a management change by government diktat isn’t ruled out. Potential suitors are hovering around.
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The noose is tightening around the former top officials of disgraced IT firm Satyam Computer. After the arrest of former Chairman, former Managing Director and former CFO, the Andhra Pradesh police may arrest ousted CEO Ram Mynampati. Also on list of people likely to be arrested are former ISB dean Ram Mohan Rao and former [...]
Satyam’s Raju brothers spent another night in jail on Monday after the court deferred their bail hearing till January 16.
But Satyam case continues to throw up more muck. As per sources, 27 others might be involved in the scam and there could be more arrests later on Tuesday or Wednesday.
Disgraced Satyam chairman Ramalinga Raju and [...]
The Reserve Bank of India (RBI) is checking local banks’ exposure to firms run by the founding family of fraud-hit Satyam Computer Services, with banking sources saying the focus was on property-related loans.
A RBI spokeswoman said the Reserve Bank has sought details of banks’ exposure to Satyam and its group companies.
The Reserve Bank of India [...]
The report highlighting Ramalinga Raju’s fraud at the Satyam was brought to the notice of the then SEBI chief and the Prime Minister’s office. But the report was given a quick burial, thanks to Raju’s political backers.
According to sources, the Income Tax investigation report on Ramalinga Raju’s benami accounts was prepared during NDA rule.
RPI MP [...]
The Registrar of Companies here is believed to have submitted its report to the Centre on the preliminary probe into the Satyam scam.
Sources said that RoC Hyderabad submitted its report last night to minister of corporate affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious [...]
The ex-chief financial officer of India’s Satyam Computer Services has blamed the former chairman, B. Ramalinga Raju, and internal and external auditors for financial fraud at the company, according to a media report.
The report came as the software giant said Monday that it was “in the process of appointing an independent accounting [...]
When former President APJ Abdul Kalam decided to become chairman Emeritus at the Satyam-funded NGO Emergency Management and Research Institute (EMRI), little did he know that he was associating himself with one of corporate India’s biggest scandals.
Following the Satyam scam, Kalam has decided to resign.
Other top corporate leaders, including ICICI CEO, K V Kamath, CII [...]
While Ramalinga Raju’s letter might have opened a Pandora’s Box into the workings of Satyam Computers, NDTV learns that the Income Tax Department was on its heels from early 2002.
The Income Tax Department from Hyderabad had conducted search operations across several offices of Satyam in 2002 and found that Raju had opened multiple benami accounts [...]
A depressed Ramalinga Raju has turned spiritual in jail. On the third day of his jail life on Monday, when he managed to get a change of clothes, Raju started reading books on Gautam Buddha. The books were brought to him by his son Teja Raju, who accompanied lawyer Bharat Kumar to the jail. The [...]
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