The scam at Satyam Computer Services, the fourth largest company in India’s much showcased and fiscally pampered information technology (IT) industry, has had an unusual trajectory. It began with a successful effort on the part of investors to thwart an attempt by the minority-shareholding promoters to use the firm’s cash reserves to buy out two [...]
Respected Members of the Board,
My job has become a double-edged sword
Today I am writing you this letter,
To shed my loads and feel much better.
I’ve been hiding a truth
Which has many facets
So here it goes
‘Satyam has no assets!’
You see, unlike I said before,
We don’t really have 7000 crore.
That cash in fact exists nowhere,
I pulled that figure [...]
Former Satyam chairman Ramalinga Raju and his brother, former Satyam Managing Director Ram Raju surrendered before the Andhra Pradesh Director General of Police on Friday night and were subsequently arrested, police spokesperson said.
Ramalinga Raju has been charged under various sections of the Indian Penal Code including Section 120B for criminal conspiracy, under Section 409 for [...]
With the uncertainties in the stock market, furthered by instances such as the Satyam fraud, the employees’ stock option programme, which has been used as a crucial tool to attract and retain talent, appears to have lost its charm.
On Wednesday, the employees of Satyam lost close to Rs 221 crore after investors dumped the stock. [...]
DSQ Software, Pentasoft, Pentamedia had collapsed amid scandals over insider trading, malpractices
The scam involving Satyam Computer Services Ltd isn’t the first to to strike India’s software industry, although the scale of the accounting fraud to which chairman B. Ramalinga Raju has confessed may be unprecedented for the country.
In the past decade, companies such as DSQ [...]
This is by far Largest Corporate Scam in India Inc. Read more ...
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