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 [...]
SEBI and the Company Law Board have shown great alacrity in the last few days, rewriting rules and granting exemptions from legal requirements to help Satyam find a new owner. Yet, with the restatement of the balance sheet still on, how will bidders and the new Board assess the worth of the company, asks RAGHUVIR [...]
HYDERABAD: A day after the CBI registered a case in the Rs 7,800-crore Satyam fraud case, the probe agency today took over all the documents and
other materials from the Andhra Pradesh Police.
A team led by DIG V V Lakshmi Narayana met officials of the Andhra Pradesh CID and discussed the investigation conducted so far and [...]
Company can raise authorized capital to Rs280 cr; CLB approval must for issuing shares to strategic investor.
New Delhi: The Centre on Thursday paved the way for the sale of fraud-hit Satyam Computer Services Ltd, although three critical questions remain to be answered: When? For how much? And to whom?
Responding to an application by the firm’s [...]
How does one put a value to Satyam Computer Services when its financial position is not known?
This is one question that’s uppermost in the minds of analysts, marketmen and industry experts even as the Company Law Board (CLB) today gave the scam-tainted IT firm’s stake sale plan the go-ahead.
When contacted, Hinduja and L&T groups, two [...]
NEW DELHI: The government on Thursday reiterated that it is not considering any bail-out for the scam-hit Satyam as the company has adequate
assets and can bounce back if run professionally.
“Neither they (Satyam) have asked for it, nor are we coming out with any bail-out package,” finance minister Pranab Mukherjee said in Rajya Sabha, adding that [...]
MUMBAI: Admitting for the first time that there was local support for the Mumbai terror attack, police commissioner Hasan Gafoor on Thursday night said some Indian nationals were among the 16 men that also included Pakistanis who were wanted for their role in the carnage.
Gafoor also said that two Indians have already been arrested.
“Fourteen to [...]
MUMBAI: The high power committee of the Institute of Chartered Accountants of India (ICAI) on Wednesday submitted its interim report on the financial scam of Satyam Computer Services.
ICAI said the report is interim in nature since restatement of accounts of Satyam is in progress and is expected to take another two months to complete. ICAI [...]
HYDERABAD: The Crime Investigation Department (CID) is stumped by the huge number of land transactions done by the 324 benami firms of Satyam but
the government has done nothing as yet to put a halt to this business of buying and selling land.
The stamps and registration department has not issued any orders to freeze transactions on [...]
Feb. 6 (Bloomberg) — Kiran Karnik, the former president of India’s software industry lobby Nasscom, was named chairman of Satyam Computer Services Ltd., a day after a chief executive officer was appointed to run the fraud-hit company.
The Serious Fraud Investigation Office is probing 325 companies and 25 persons linked to Hyderabad-based Satyam, Company Affairs Minister [...]
Feb. 6 — Kiran Karnik, the former president of India’s software industry lobby Nasscom, was named chairman of Satyam Computer Services Ltd., a day after a chief executive officer was appointed to run the fraud-hit company.
The Serious Fraud Investigation Office is probing 325 companies and 25 persons linked to Hyderabad-based Satyam, Company Affairs Minister Prem [...]
Elevation of insider Murty to CEO spot indicates the scandal-plagued outsourcer will soon have a new owner.
Scandal-ridden Satyam Computer Services on Thursday named an insider as its new chief executive, a possible harbinger of a quick sale of the outsourcer.
The company named A.S. Murty, formerly its human resources head, to take over from B. Ramalinga [...]
Hyderabad: A team of officials from the Securities and Exchange Board of India (SEBI) reached the Chanchalguda Central Jail here Wednesday to begin questioning Satyam Computer Services founder B. Ramalinga Raju and his brother B. Rama Raju over the Rs.70-billion accounting fraud.
Armed with permission from the Supreme Court to grill the accused, a three-member SEBI [...]
HYDERABAD: Satyamites are now dealing with yet another `inflated’ reality. Having spent a rather bumpy January over the phone, talking their
hearts out with family and friends, employees are now paying the price, literally, for all the talking they did. Many Satyam employees say their mobile phone bills have sky rocketed this month, what with their [...]
There is now a widespread perception that the investigation of the mega fraud at Satyam Computers could have political ramifications. There is a feeling that politicians in high places could be mixed up, even if indirectly, in some of the commercial activities of Ramlingaraju’s family.
Real estate is not only the last bastion of control for [...]
Jan. 30 (Bloomberg) — Spice Corp. Chairman B. K. Modi offered 20 billion rupees ($408 million) for a controlling stake in Satyam Computer Services Ltd., joining Larsen & Toubro Ltd. in the race for the fraud-hit software exporter.
Spice Innovation, Modi’s closely held New Delhi-based holding company, made a preliminary cash offer for preference shares in [...]
NEW DELHI: The government fears that some of those involved in the Satyam fraud are trying to escape from the country, the ministry of corporate affairs had told the Company Law Board (CLB) last week.
In its petition late last week before the Company Law Board (CLB), which ordered the top company [...]
MUMBAI: The Income Tax department is independently probing the Rs 7,800-crore accounting fraud in Satyam with a focus on tax deducted at source and benami deals.
“We are conducting an independent probe into the Satyam case,” Central Board of Direct Taxes chairman N B Singh told reporters here on Tuesday.
The I-T department will look into tax [...]
The new Board assigned the task of revitalising Satyam will meet in Hyderabad on Tuesday.
The Board of the company, now under a cloud for the Rs 8,000 crore fraud committed by its former founder Chairman B Ramalinga Raju, was supposed to finalise nominees for the crucial posts of CEO and CFO during its two-day session, [...]
The CID in Andhra Pradesh have produced before a magistrate, two auditors of Pricewaterhouse Coopers identified as Gopalkrishna and T Srinivas in connection with the Satyam case.
The two accused have been sent to judicial custody till February 6. They have been charged with criminal breach of trust, criminal conspiracy, cheating and falsification of accounts.
The bail [...]
Hyderabad (IANS): Disgraced Satyam Computer Services founder B. Ramalinga Raju bought lands not only in India but in other countries also, prosecutors told a court here Friday.
The court deferred hearing on the bail pleas of Raju and Satyam’s former chief financial officer Vadlamani Srinivas to Jan 27 and that of Raju’s brother B. Rama [...]
MUMBAI: Beleaguered Satyam Computer on Friday recorded its second biggest ever gain on the Bombay Stock Exchange as expectations of a possible takeover of the tainted IT firm by corporates intensified further today.
On the BSE, shares of Satyam settled at Rs 38.85, up 31.25 per cent over last closing. Today’s surge records the second biggest [...]
Hyderabad, INDIA, January 23, 2009: Satyam Computer Services Limited (NYSE: SAY) today announced key decisions concluded at its Board meeting, held on 22nd and 23rd January, 2009 in Hyderabad.
This meeting, the third in thirteen days since its reconstitution, was chaired by Mr. Tarun Das. The meeting focused on issues that are a priority for ensuring [...]
The former chairman of Satyam Computer Services inflated the size of the outsourcing company’s workforce by nearly a quarter and siphoned off the wages of fake employees, Indian authorities have claimed.
Allegations from the public prosecutor in Hyderabad, southern India, are the first time the authorities have revealed the results of their investigations into India’s worst [...]
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