As more facts come to light, it becomes clear that Raju and his family have been spiriting cash out of the company since 2001, if not earlier, through an elaborate, well-ramified set of arrangements and manoeuvres, including forgery, inflating expenses, stripping assets, and manipulating income, inventory value and profits.
They have shattered the myth that the [...]
A special court, headed by an additional chief metropolitan magistrate, will be set up soon in Hyderabad for a speedy trial of the Satyam Computers fraud case.
The Andhra Pradesh Cabinet, which met here today under the chairmanship of Chief Minister K Rosaiah, accepted the Central Bureau of Investigation’s (CBI) request for setting up such a [...]
New Delhi: The fraud perpetrated by Satyam Computer Services Ltd’s founder B. Ramalinga Raju has claimed some collateral damage: the apex body of accountants in the country, and its current president Uttam Prakash Agarwal.
The government has, in recent weeks, tightened its control over the Institute of Chartered Accountants of India (Icai) diluting Agarwal’s own powers [...]
HYDERABAD: The trial on the Satyam Computer’s scam may be delayed with the Andhra Pradesh High Court, on Tuesday, referring a petition filed by the Central Bureau of Investigation to a division bench.
CBI had sought the court’s permission to conduct brain mapping and lie detector tests on B Ramalinga Raju, the defamed founder of Satyam [...]
HYDERABAD: A three-member team of the United States Securities and Exchange Commission (popularly known as SEC), the federal agency that regulates securities industry in U.S., on Friday, exchanged notes about the progress of investigation into the Rs.7,000 crore Satyam Computers fraud with Ashwani Kumar, Director of Central Bureau of Investigation (CBI), and other officials.
This was [...]
Expressing displeasure over the repeated adjournments sought by defence counsels into the CBI’s petition for conducting forensic tests on Satyam’s former Chairman B Ramalinga Raju and other accused, a city court today fixed to July 4, for hearing the final arguments in the matter.
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KOLKATA: The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to look into the multi-crore fraud at erstwhile Satyam Computer will submit its report on July 9.
“We will submit the report to the Ministry of Corporate Affairs on July 9 after we finalise the report at the final internal meeting [...]
NEW DELHI: Some of Satyam Computer’s 105 offices and 30 delivery centres worldwide may soon cease to exist. According to a report in a business daily, the Hyderabad-based company “is evaluating options to downsize operations at its overseas development centres and terminate lease contracts for offices and other properties.”
By consolidating its offices and delivery infrastructure [...]
NEW DELHI: The Satyam fraud case is top priority of the government, and the investigating agency, the Serious Fraud Investigation Office (SFIO), has been asked to put the prosecution on fast track, Minister of State for Corporate Affairs (independent charge) Salman Khurshid said here Friday.
“The case is required to be put on the fast track [...]
Even as the Upaid class action lawsuit against Satyam dangles over the crisis-ridden outsourcing giant like a sword, it is now learnt from sources that the case could be settled at a measly USD 10 million, a far cry from the USD 1 billion Upaid was once demanding. CNBC-TV18’s Vivek Law reports.
The Upaid case [...]
KOLKATA: The high-level committee set up to look at the multi-crore rupee fraud at Satyam Computer by the Institute of Chartered Accountants of India is close to coming out with its recommendatations by June.
“The high-level committee set up to look into matters arising out of Satyam fraud is carrying out deliberations and is likely to [...]
HYDERABAD: The controversy over the claim of the former Satyam chairman, B. Ramalinga Raju, that he had infused Rs. 1,425 crore into the company took a new turn on Wednesday as the Central Bureau of Investigation charged the firm with investing Rs. 175 crore from out of the money to acquire preferential shares of Nipuna [...]
Tech Mahindra has won the bid for Satyam Computer Services.
Reports say that the tech firm will pay Rs 1,757 crore to buy out 31 per cent Satyam stake.
Details awaited.
The majority stake sale process in Satyam Computer Services opened on Monday, and software firm Tech Mahindra submitted its bid. Engineering major L&T had also put in [...]
The board is expected to complete the process and announce the name of the successful bidder the same day in Mumbai.
The Satyam board has extended the deadline to submit technical and financial bids to April 13 from April 9 with the bidders seeking more information on the company, according to board member and HDFC chairman [...]
MUMBAI: In a significant development, former Satyam Computer CFO
Vadlamani Srinivas has told representatives of the Institute of Chartered Accountants of India (ICAI) — the apex regulatory body for chartered accountants in India — that auditors S Gopalakrishnan and Talluri Srinivas of audit firm Price Waterhouse had no role to play in the fraud, as they [...]
The Central Bureau of Investigation, probing the Satyam financial fraud, arrested three employees including a top executive of the IT firm on Sunday, said CBI deputy inspector general V V Lakshmi Narayana.
“We arrested three employees last night who designed the mechanism for the fraud and they were involved in preparing fake monthly bank statements and [...]
HYDERABAD/BANGALORE: Satyam Computer Services, which is in search of a new owner, has around 46,600 employees on its rolls now. Nearly 6,400 Satyam employees employees quit the IT firm after September last year, when the company claimed a headcount of 53,000.
Satyam’s suitors have been given information on the validated headcount during the due diligence of [...]
The United Nations plans to terminate its outsourcing contracts with scandal-plagued Satyam and will bar the outsourcer from bidding on future work, according to a report published Tuesday.
“Throughout the system, the various bodies of the U.N. will wrap up the contracts. The details of that may need some fine-tuning, it may need to be worked [...]
The Institute of Chartered Accountants of India, ICAI, said Wednesday it has sent notices to four Price Waterhouse auditors who had audited the accounts of Satyam Computer Services Ltd.
“PwC (Price Waterhouse) has sent us four names of people who were involved in the Satyam audit. We have issued notices to these four people along with [...]
Satyam Computer Services Ltd. will today close registration for interested bidders, kicking off the sale of the software provider at the center of India’s biggest corporate fraud.
Companies have until 5 p.m. local time to register their interest in acquiring 51 percent of the company, and submit a detailed bid by March 20, Satyam said. Hyderabad, [...]
MUMBAI (Reuters) - U.S. lawsuits filed against fraud-hit Satyam Computer Services (SATY.BO) could cause a liability of between $440 million and $840 million, the Times of India said on Thursday, quoting a potential bidder for the outsourcer.
“We have received a report from our legal advisers Gibson, Dunn & Crutcher LLP and they said the liabilities [...]
IBM has begun talks with Satyam’s government-nominated board and has brought in a team of lawyers and investment bankers.
International Business Machines Corp. (IBM) is keen on acquiring the scam-tainted Indian IT services firm Satyam Computer Services Ltd., according to a financial newspaper. IBM is understood to be the front-runner to acquire Satytam, the business daily adds.
IBM has [...]
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board (CLB) and Securities Exchange Board of India (Sebi), according to sources close to the development.
The bid-pack, said sources, comprises details of Satyam’s geographical revenue break-up, the revenue of the top five or 10 clients ( [...]
New Delhi: India’s federal investigating agency will conduct an “all-encompassing” probe into the Rs7,136 crore fraud at Satyam Computer Services Ltd, using a vast multi disciplinary team, said its top official.
The findings of the Central Bureau of Investigation, or CBI, will likely also be used by litigants based in the US who have filed class [...]
With CBI taking over the investigation into the Satyam scam, the process of transfer of the case from the VI Additional Chief Metropolitan Magistrate Court to the XIV Additional Chief Metropolitan Magistrate Court began here today.
The XIV Additional Chief Metropolitan Magistrate Court, which is the designated court for CBI cases, will now hear the case [...]
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