Satyam Computer has not paid a single rupee as advance tax in the first three quarters of the current fiscal, though the IT company paid Rs 25 cr as fringe benefit tax (FBT) till December 15. However, most of its IT peers, including Infosys Technologies, Tata Consultancy Services (TCS), Wipro, Cognizant Technology Solution, Patni Computer [...]
Amidst the outrage among certain Satyam employees to Infosys Co-Chairman and Chief Mentor N R Narayana Murthy’s statement last week that Infosys would not recruit employees from the disgraced IT firm based in Hyderabad, top Infosys executives on Tuesday stood by their stand. They also couched their views on the Satyam scam in decidedly softer [...]
Disgraced former chairman of Satyam Computers, B Ramalinga Raju spent his fourth day in the Chanchalguda Central prison reading books, news magazines and newspapers.
Raju has been shifted from the regular admission block to the nearby barrack where he is leading a quite life and is remained to himself, a senior prison official told PTI.
Besides his [...]
The Indian 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.
It’s learnt that the [...]
Satyam Computer’s New Board of Directors
Dr Deepk Parekh of HDFC
Kiran Karnik of NSSCOM
C Achudham of SEBI and X-President SAT.
A study of how the US stock markets performed in the aftermath of similar scandals in that country shows that share prices usually regain lost ground within a week of the initial shock.
Investors rattled by the disclosure of an accounting fraud at Satyam Computer Services Ltd and the subsequent tumble in Indian equity prices could [...]
Global audit giant PricewaterhouseCoopers (PwC) which audited the accounts of Satyam Computer now faces fire from the country’s apex audit body, the Institute of Chartered Accountants of India (ICAI). ICAI has said it will serve a show-cause notice on PwC by Saturday and ask for a report within 15 days on the auditing it did for Satyam.
“Our disciplinary committee will [...]
In the first half of September, Srinivas Vadlamani suddenly offloaded 92,358 shares of Satyam in the stock market. When quizzed about it, he said that he needed the money because he was building a house and could not manage without liquidating his ESOP holdings. That answer had satisfied curious newshounds then.
However, after the Raju confession, [...]
The tremors from the Satyam fraud are now being felt by many other listed companies who have one element in common with the ill-fated
software major—the auditor Price Waterhouse Cooper. Since Wednesday morning, when Satyam founder and chairman confessed to having fudged the account books of the company, investors and brokers have become wary of companies [...]
Fraud-felled Satyam Computer Services Ltd. is being called “India’s Enron,” after the head of the Indian out-sourcing giant admitted this week he had cooked the books to the tune of about $1 billion, leaving the company with almost no cash. Enron went bust and filed for Chapter 11. Its trustee eventually recovered billions of dollars [...]
This is by far Largest Corporate Scam in India Inc. Read more ...
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