In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
The case relating to hearing of framing of charges was pending in the XIV additional chief metropolitan magistrate as defence counsels had urged the court to hand over the documents relating to supplementary charge-sheet after its physical verification with original documents.
The latest penalties for insider trading follows an earlier disgorgement order passed by Sebi in July last year.
A local court reserved its orders for Saturday on a petition seeking continuation of in-patient treatment for former Satyam Computers chairman B Ramalinga Raju after a senior doctor informed the court that Raju requires at least 2 months treatment for hepatic ailment.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business in Hyderabad, to Visakhapatnam and even the United States, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
B Ramalinga Raju, the founder of Satyam computers and main accused in the Satyam accounting fraud case, appeared before a local court for the second time on Thursday after being granted bail by the Andhra Pradesh High Court.
The magistrate also sent Gopalakrishnam Raju, general manager of SRSR Holdings, to judicial remand till February 7 after the two-day police custody ended on Sunday. The police took him under custody for questioning about the land transactions of the Raju brothers. K Ravinder Reddy, his counsel, said that he would move a bail petition on Monday.
The government has decided to make all former Satyam Computer Services top executives and board members, including the independent directors, answerable for the fraud in the company on grounds that they "attempted to enrich themselves unjustifiably at the cost of the company and its stakeholders".
As per the chargesheet, "the accused forged board resolutions and unauthorisedly obtained loans to the tune of Rs 1,220 crore (Rs 12.20 billion) for Satyam Computer.
The CBI, which has already filed its chargesheet, is preparing to file a supplementary chargesheet. It has time till the end of this month for this.
Bankers of scam-tainted Satyam Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality. India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
The inspection would be conducted as per the provisions of section 209A of the Companies Act, corporate affairs minister Prem Chand Gupta told reporters on Thursday.
Corporate Affairs Minister Salman Khurshid on Friday said that he is not surprised that B Ramalinga Raju has retracted his infamous January, 2009, confession of perpetrating accounting fraud at Satyam.
The special court dealing with multi-crore Satyam scam case on Monday adjourned the examination and hearing of charges of Satyam accused to July 29.
Top officials of the Central Bureau of Investigation are in Mauritius as part of the investigation into the multi-crore Satyam scam, which its founder B Ramalinga Raju confessed to in January.
A local court on Friday adjourned the case of examination of former Chairman of Satyam Computers B Ramalinga Raju through a questionnaire and nine other accused in the multi-crore accounting fraud in the IT firm to July 26.
It made sense to acquire an infrastructure company. Maytas does have same work culture and philosophy and hence the merger will be smooth.
Former chairman of Satyam Computer Services B Ramalinga Raju, the prime accused in multi-crore accounting fraud in the IT firm, on Monday gave consent for his examination on the charges against him through a questionnaire.
The apex court, however, agreed to give an early hearing to their pleas and issued notice to CBI for November 3, after the Diwali break.
Former Chief Financial Officer Vadlamani Srinivas has also filed a bail plea in the court.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
A local court on Tuesday directed the NIMS hospital in Hyderabad to file a fresh report regarding the health condition of former chairman of Satyam Computers B Ramalinga Raju, before it by July 1, even as CBI filed a memo seeking second opinion report through independent committee of doctors.
A team of doctors led by Dr Seshagiri Rao, head of cardiology at the Nizam's Institute of Medical Sciences (Nims), conducted the angioplasty. Angioplasty is a technique in which the obstructed blood vessel is widened. According to Dr Rao, two stents have been put in. His condition is stable.
B Ramalinga Raju, the prime accused in Satyam Computers multi-crore scam, needs continous medical attention, a special court trying Satyam scandal cases was told on Monday.
The court also decided to hear the bail pleas of four of the accused.
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
A Supreme Court ruling that termed narco and polygraph tests on accused persons "illegal and a violation of fundamental rights" if conducted without their consent could turn out to be a boon for B Ramalinga Raju.
Raju, prime accused in the Satyam fraud, who is suffering from Hepatitis-C is currently undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad, and has not been attending court proceedings since September last year citing health reasons initially the heart ailment and later the hepatic ailment.
The XIV additional chief metropolitan magistrate extended the remand of Satyam founder Ramalinga Raju, his brother Rama Raju, ex-CFO Vadlamani Srinivas, former auditors of Price Waterhouse S Gopapalakrishnan and Talluri Srinivas, and three former employees of the firm till August 5. The accused, who have been lodged in the Chanchalguda jail, were produced before the magistrate.
However, a bench comprising Chief Justice K G Balakrishnan and Justice Deepak Verma permitted Gopalkrishnan, then working as a partner of the global accounting firm, to renew his bail application over delay by probe agency CBI in filing the third chargesheet. Following it, the court permitted Subramani Gopalkrishnan's to withdraw his bail petition.
The court wants to examine all the accused, including B Ramalinga Raju, in regard to allegations mentioned against them by the CBI in two separate chargesheets before commencing the trial.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
The XIV additional chief metropolitan magistrate on Saturday reserved the orders on the plea filed by the CBI, seeking permission to administer lie detection test on Satyam Computer Services Limited founder B Ramalinga Raju, his brother and former managing director and former Chief Financial Officer Srinivas Vadlamani, to July 9.
Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete. He said the company is determined to complete the project. However, he warned that certain aspects of the initial agreement, including funding, could change.
Satyam Computers founder B Ramalinga Raju, main accused in the multi-crore accounting scam, is receiving a stream of visitors in the hospital, an indication that he is medically fit to attend the judicial proceedings
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
A Hyderabad court on Friday ordered the initiation of proceedings against the former directors of Satyam Computers in a case filed by Serious Fraud Investigation Office (SFIO) after separating the trials against B Ramalinga Raju and Ram Mynampati.
The court also extended the judicial remand of all the 10 accused till March 18.
Disgraced former chairman of Satyam Computers B Ramalinga Raju on Wednesday surrendered before a local court trying the nations biggest corporate fraud, allegedly to the tune of Rs 14,000 crore (Rs 140 billion).
He had moved an application in this regard on account of bad health and ongoing family settlement.
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