Expressing concern over the Satyam Computer Services scandal, analysts have said that it has exposed serious shortfalls in corporate governance in India, and added that this must be addressed to ensure credibility in an increasingly globalised and competitive world.indias-satyam-shares-jump-by-60 Satyam saga shows holes in Indias corporate governance, say analysts
Just three months ago, Satyam Computer Services [...]
What does the recent scandal at Indian technology giant Satyam teach us about the nature of 21st century business?
First, that old-fashioned trust is still at the heart of any business-to-business relationship. Buying a service from a supplier is not just a procurement exercise in beating a company down to its lowest possible price. Does anyone [...]
Nobody has so far come out with any note of approval or dissent on the financial manipulation claimed to have been purported by Mr.Ramalinga Raju in Satyam . Why everybody in the country show a tendency to believe blindly Mr. Raju’s admission to fraud, simply relying on the contents of his disclosure?
Everybody in the [...]
Red Flags. In hindsight, we can point to the clockwork 35% EPS growth over a five- year period; continuous, under-the-radar sales that lowered insider ownership from 17.4% in March 2004 to 8.7% in March 2008; the safe distance kept by Mr. Raju’s sons from Satyam; as well as prompt rebuttal of periodic acquisition rumors.
A Time [...]
India’s other top Accounting Scandals - 1996 - 2006
Company Involved (Year of Scam Expose’): CRB Capital Markets Limited (1996)
Amount Involved: Rs 1200 crore
Type of Fraud: Chairman Chain Roop Bhansali, was accused of siphoning off Rs 12 billion in the CRB scam. CRB was accused of using its SBI accounts to siphon off bank funds, claiming [...]
MUMBAI: Deloitte Haskins & Sells and KPMG, both part of the Big Four accounting firms, have been appointed as joint statutory auditors for Satyam Computer Services.
The newly-constituted three member board of Satyam had earlier said that it would appoint new joint auditors to audit the accounts of Satyam, following the software company’s former chairman B [...]
Breaking News! TDP President and former Andhra Pradesh Chief Minister N Chandrababu Naidu has slammed the Congress Party, holding it responsible for the “Satyam Fiasco”. “Satyam scandal was due to “greediness and mania for money” of Congress rulers”, said Naidu.
According to Naidu, the Congress government led by Y S Rajasekhara Reddy, was instrumental in making [...]
Mumbai: Diving into a turbulent stock market can be a dangerous sport, though in recent days, it has proved to be an attractive and profitable activity for many large investors in the share of one company: Satyam Computer Services Ltd.
There was a surge in trading volumes in Satyam shares in the four trading days after [...]
Satyam workers express support for the company last week after the resignation of Ramalinga Raju
The best advice Ramalinga Raju ever received came from his father. “If something takes three months to complete, ask yourself if it can be done in a week without compromising on the outcome or quality,” he once told him over dinner.
Young [...]
Indian regulators and police are trying to unravel how the chairman of Satyam Computer Services Ltd., who has admitted to falsifying corporate figures, may have managed for years to fool his top financial officer and the company’s audit committee.
Investigators from the Securities and Exchange Board of India, the Reserve Bank of India and Central Board [...]
New Delhi: The Central Government has decided to take direct action to remis looking at a salary bailout for the 53,000 Satyam Computer Services employees.
A Rs 2,000 crore package is under consideration to ensure that Satyam employees get their salary on time after it the new board said that they are looking for funds.
CNN-IBN has [...]
Local media in Hyderabad was abuzz with the news of searches being carried out by CID at the PricewaterhouseCoopers office. But clearly, this is now going to be routine until there is clarity on their role.
In a statement, the firm said, “We are in discussion with different agencies for providing information requested by them. We [...]
Kiran Karnik, one of the new directors of Satyam Computer has told NDTV that the company was looking for a loan, not a bailout. He, however, said that the main obstacle to getting a loan is that the actual financial liability of the company is still not clear.
When asked whether there was any chance of [...]
Satyam employees have set themselves a deadline, January 31, whether to stay with the IT major or switch jobs. Incidentally, the date also coincides with many multinational corporations (MNCs) unveiling their new projects and recruitment drives for the next fiscal.
Though partly convinced that they might get their January salaries with the aid of returnables which, [...]
NEW DELHI: The initial investigations by the Registrar of Companies (RoC) into the Satyam scam has revealed large-scale selling of the company’s shares by institutional investors just days ahead of Ramalinga Raju’s startling confession of sexed-up company accounts.
Highly placed official sources said that the Serious Fraud Investigation Office (SFIO) instituted to probe the scam would [...]
Jan. 14 (Bloomberg) — Satyam Computer Services Ltd. executives reaped $1.8 million from share sales in the six months before a botched takeover and fraud inquiry at India’s fourth- largest software exporter triggered a record fall in its stock.
Nine officials led by Chief Financial Officer V. Srinivas sold a combined 267,358 shares since July 14, [...]
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