The former Chairman of Satyam Computer, Mr B.Ramalinga Raju, being taken to CID police custody from the Chanchalguda Central prison in Hyderabad on Sunday. - Satish. H
Image Source / Courtesy: The Hindu Business Line
Raju’s stake fell from 22.78% to 8.63% over seven years.
Snapshot: The likely amount realised from share sale is Rs 2053 crore
The likely dividend amount realised is Rs 144 crore
BL Research Bureau
Chennai, Jan.18 Satyam Computer Services’ ex-Chairman, Mr Ramalinga Raju, sold a little under four-and- a-half crore shares in the company over [...]
Satyam’s former chief Ramalinga Raju’s interrogation can finally start, a fortnight after he confessed to corporate India’s biggest fraud of Rs 7,000 crores.
Raju his brother Rama Raju and the CFO V Srinvas have been shifted from jail to the state CID office in Hyderabad. The court will decide on Monday whether stock market regulator SEBI [...]
Satyam’s disgraced former chief B Ramalinga Raju, his brother Rama Raju and former CFO V Srinivas will be questioned by the CID on Monday.
They were transferred from Chanchalguda jail to CID custody on Sunday and will be questioned for the next four days by the CID.
However, Raju is armed with a Hyderabad court order, cushioning [...]
Manmohan Singh said Indian companies should come out stronger from the Satyam fraud by keeping a close watch on their systems
PTI
Mumbai: Describing the Satyam episode as a “blot” on India’s corporate image, Prime Minister Manmohan Singh on Saturday said the government is determined to get to the bottom of the fraud and punish [...]
Vadlamani Srinivas informed the board that the valuation of Maytas Properties was done by Ernst & Young, but the global accounting firm disputed the claim
PTI
Hyderabad: Coinciding with the meeting of the new board of Satyam, the minutes of the 16 December meeting of the now disbanded board on Saturday became public, detailing the unanimous decision [...]
IN THE NET: Ramalinga Raju (R) along with his brother Rama Raju (L) outside a magistrate’s court.
Photo via : IBNLive
The new Satyam Computer Services board today constituted an Audit Committee comprising T N Manoharan (Chairman), C Achuthan and S B Mainak (members). It has also appointed Brahmayya & Co, Chartered Accountants, Chennai as internal auditors of the company, with immediate effect. Amarchand & Mangaldas & Suresh A Shroff & Co, have been appointed as [...]
The government has suggested that the new Satyam Computer Services [Get Quote] board should also look within the company to appoint a CEO and CFO.
“I have personally recommended this,” said Prem Chand Gupta, minister of corporate affairs, “since it will take quite some time for a CEO from outside the company to take stock of [...]
Satyam’s disgraced former chairman Ramalinga Raju had made an emotional pitch that the company faced a takeover threat from IBM and their likes. To avert this, he wanted the board’s support to diversify into other areas.
Returning from the US ahead of the December 16 meeting, wherein the company decided to go in for the Rs [...]
HYDERABAD: The Ramalinga Raju empire is much wider than what it was originally thought to be. TOI investigations now show that the Raju family.
Raju empire had spawned more than 40 companies in the last 15 years. A majority of these companies — spread across 10 states — sprang up in the last four years and [...]
HYDERABAD: Satyam’s tainted founder Ramalinga Raju on Friday asked the court for special treatment for him and his brother in jail, but the prosecution said those who made money at the cost of the poor don’t deserve such privileges.
The Rajus’ petition seeking special status in the Chanchalguda central prison, where they have been lodged till [...]
Investigating the Satyam scam
The arrest and judicial remand of Ramalinga Raju, his brother and the Chief Financial Officer of the Satyam Computer Services Limited might be the start of an effective legal process to bring to justice the self-confessed perpetrator of the biggest corporate fraud in Indian history. However, the latest developments cannot obscure [...]
Hyderabad/New Delhi (PTI): Satyam’s expanded board will meet on Saturday with the focus on raising funds to keep the business alive and may also have to deal with complaints on its choice of auditor to restate the company’s financials.
The board, whose strength was doubled with appointment of three members by the government yesterday, would meet [...]
NEW DELHI: After denying market regulator Sebi access to interrogate Satyam Computer’s former chief B Ramalinga Raju and two others, a Hyderabad court also extended his judicial custody till January 19.
The hearing on Raju being handed over to the police will now be taken up on January 17. The court was hearing the bail petitions [...]
The bail plea of disgraced Satyam chief Ramalinga Raju, his brother Rama Raju and ex-CFO Vadlamani Srinivas in the Rs 7,000 cr fraud has begun in Hyderabad court.
There are three separate petitions coming up for hearing in court on Friday. First, Ramalinga Raju’s lawyers will make their case for a bail for Raju. The police [...]
A Hyderabad court will hear the bail petitions of former chairman of Satyam Computer B Ramalinga Raju, his brother and former-CFO Vadlamani Srinivas.
The court will also hear a SEBI petition to interrogate Raju and a CID petition seeking their police custody.
On Thursday, Andhra Pradesh CID officials retrieved crucial information from the laptops, hard-disks and various [...]
Satyam is the biggest fraud in India’s corporate history. That the company management, mainly disgraced chairman B Ramalinga Raju, kept everyone — seemingly — in the dark for a decade and tarnished shining India’s image horribly, is as stupefying a fact as the Rs 7,800 crore (Rs 78 billion) scam itself.
The company’s account books [...]
The buzz that Vivek Paul, the former vice chairman of Wipro, might be a potential CEO candidate for the troubled Satyam Computers is getting louder by the day.
Paul’s name has cropped up ever since Satyam’s troubles started making headlines in December. His quitting TPG in late December has added grist to the rumour mill. The [...]
New Delhi: The Central Government has nominated three more members to Satyam Computers Services Ltd board raising its strength to six.
Union Minister of Corporate Affairs Prem Chand Gupta said that the government is strengthening the board and had nominated Confederation of Indian Industry (CII) Chief Mentor Tarun Das, ex-Institute of Chartered Accountants of India chief [...]
HYDERABAD, India (Reuters) - Contemplating his fate from a prison cell, his reputation shattered, Ramalinga Raju, the founder of India’s Satyam Computer Services, can still rely on supporters to whom he will always be a hero.
Across the southern city of Hyderabad, home to No. 4 software services firm Satyam , prayers are being said for [...]
New Delhi: HDFC chairman and Satyam Computer board member Deepak Parekh on Thursday said the crisis-ridden IT company can raise funds by mortgaging its assets, dispensing with the need to look for government aid. HDFC Chairman said that the board will meet on Saturday.
He said that KPMG and Deloitte have started auditing the books of [...]
CHENNAI: Apparently fearing that he may lose his job, a 23-year-old employee of scam-ravaged Satyam Computers allegedly committed suicide here,
police said.
Vishwa Venkatesan, hailing from Salem, yesterday consumed poison. He was referred to the General Hospital where he died, they said.
Fear of losing his job drove him to take the extreme step, they said.
Venkatesan had earlier [...]
Investigators probing the financial manipulation in Satyam Computer suggest promoter Ramalinga Raju’s accounting skills seem to be too good to crack.
Sources tell Network 18 investigating agencies have called for the services of forensic accounting experts from KPMG to crack the scam.
KPMG and Delloite are now restating the accounts of satyam. Sources also say [...]
The government has ruled out any bailout package for crisis-ridden Satyam Computer, but assured to do everything required to save jobs under the framework of its responsibilities.
“This is a decision that the new board of Satyam would take. This government is not going to directly or indirectly subsidise wrong doing and fraud in Satyam,” Minister [...]
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