The legal noose has been tightening around the disgraced founder of Satyam Computers, B Ramalinga Raju, for nearly 22 months since he admitted in January last year to fudging the company's accounts to the tune of Rs 7,200 crore (Rs 72 billion).
Satyam founder B Ramalinga Raju, who is now housed in the Chanchalguda central prison, is suffering from cardiac-related health problems.
The Company Law Board on Thursday approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer and asked the buyer to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
The XIV additional chief metropolitan magistrate extended the judicial remand of all 10 accused of the multi-crore Satyam scam to February 3.
The Central Bureau of India on Monday opposed the bail plea of Price Waterhouse auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
Raju, the prime accused in the Satyam fraud case, reached the CBI office at around 1000 hours and is likely to be questioned till afternoon, a senior CBI official told PTI.
Mahindra Satyam (formerly Satyam Computer) on Wednesday reported a consolidated loss of Rs 124.60 crore for the year ended March 2010.
Tainted chairman of Satyam Computers B Ramalinga Raju and five others were chargesheeted by the Central Bureau of Investigation (CBI) on Thursday for allegedly filing false income tax returns resulting in a loss of Rs 126.57 crore (Rs 1.26 billion) to the company and shareholders.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
For the first time since its founder admitted to falsifying the company's accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
Besides the Raju brothers, the CBI would be quizzing Satyam's former CFO Vadlamani Srinivas and audit house Price Waterhouse's partners S Gopalakrishnan and Talluri Srinivas in connection with the Rs 7,800 crore (Rs 78-billion)accounting fraud at Satyam Computer.
The probe agency has challenged the high court decision contending that Raju, who was the Chairman of the company, may influence the witnesses majority of whom are his former employees.
Things went from bad to worse since December 2008 for people who purchased bungalows, villas and apartments at Maytas Hill County, promoted by Maytas Properties Limited (MPL) -- the company run by B Rama Raju (Jr), the younger son of Satyam Computer Services founder and former chairman B Ramalinga Raju.
The CBI has charged Satyam founder B Ramalinga Raju, his brother B Rama Raju and eight others with creating fictitious customers and siphoning off Rs 430 crore (Rs 4.30 billion) from the IT firm.
The Supreme Court bench comprising Justice Deepak Verma and Justice Dalbeer Bhandari issued notices to the five accused on a petition filed by CBI.
GramIT, rural business process outsourcing initiative of the Byrraju Foundation, is in talks with various funding agencies 'to expand the scope and presence of its rural BPO services,' said foundation's lead partner Verghese Jacob. Byrraju Foundation is the NGO outfit formed by Satyam Computer Services founder B Ramalinga Raju in his personal capacity.
Satyam Computer Services Ltd founder, B Ramalinga Raju, his brothers and their spouses have acquired 1,065 properties with a registered value of Rs 350 crore (Rs 3.50 billion). These include 109 properties in coastal Andhra, 11 in Karnataka, 40 in Nagpur, 29 in Chennai and 876 in Hyderabad and the surrounding Rangareddy district, according to sources tracking developments in the Central Bureau of Investigation probe of the Satyam case.
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
How many employees does Satyam Computer Services really have? Doubts over the company's claim of 53,000 employees have arisen ever since founder B Ramalinga Raju's January 7 confession to fraud.
Andhra Pradesh High court on Monday reserved orders on the bail petition filed by B Ramalinga Raju, the prime accused in multi-crore Satyam Computers accounting scam.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
The ambitious plans of another charity of the Satyam founder, the Health Management Research Institute, in partnership with the Andhra Pradesh government, are under scrutiny.
The complainant, C Anthony Lewis, has said that he had bought 500 shares of Satyam about three weeks prior to Raju admitting to manipulation in the company's accounts for showing higher profits, following which Satyam's share value dropped drastically.
Referring to the various infrastructure projects being executed by Maytas and its joint venture partners in the state, the chief minister said: "If we have genuine doubt about their capabilities, we will look at alternatives. If work can go without any problem, we will continue. We will only see that there is no risk to the government."
A week after B Ramalinga Raju, the promoter of Satyam Computer Services, confessed to manipulating the accounts for several years, Price Waterhouse, external auditors of the Hyderabad-based software services firm, said its audit report should not be relied upon.
Days before B Ramalinga Raju admitted to fraud, a handful of financial services companies, including DSP Merrill Lynch, IL&FS Financial Services and Deutsche Bank's non-banking finance company, sold Satyam Computer Services shares pledged with them.
The company would hold a press conference in Hyderabad on Thursday to outline an action plan to address key concerns of various stakeholders, including customers, investors, employees and business partners.
Employees of Satyam Computer were in disarray following their Chairman B Ramalinga Raju's resignation after the firm admitted to financial wrong-doing, leaving the entire business world of the country shell-shocked.
Satyam Computer chairman B Ramalinga Raju can face seven years' imprisonment in addition to monetary penalties for forging accounts, breach of trust and misappropriating funds.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Because the metropolitan magistrate courts and the additional chief metropolitan magistrate courts are overburdened with cases.
Satyam Computers' independent directors are mounting pressure on founder B Ramalinga Raju to reveal details of the controversial board meeting that proposed the acquisition of two promoter-related companies, after a director resigned yesterday owning moral responsibility.Directors want Satyam's founders to make public the minutes of the meeting at which around Rs 5,500 crore of the company's cash was proposed to be paid to acquire Maytas Infra and Maytas Properties.
An independent director on Satyam Computer's board is understood to have resigned days ahead of a scheduled meeting next week.
Upaid claimed it had served requests for production of documents related to the 'now scuttled Maytas transfers on Satyam' on Friday, but now had to submit this motion to the court 'because Satyam had repeatedly resisted its efforts to depose Raju and Vadlamani in the case.' The current motion is in reply to a disparagement case that Satyam had filed against Upaid wherein the former had claimed that the payment services firm has been disparaging them in the public domain.
The crux of the problem it appears is one of "trust" and the perception that a unilateral decision was taken by the board, allegedly to favour Raju's sons' companies.
The court had earlier asked Raju's lawyers to file an affidavit on whether the Satyam founder can be examined through a questionnaire.
Bharat Kumar, counsel for Ramalinga Raju, urged the court to grant the bail to his client on health ground and also to enable him to defend himself in various cases slapped against him by various investigating agencies including Securities and Exchange Board of India, Serious Fraud Investigation Office, Enforcement Directorate.
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
A detailed report of the medical tests conducted on former chairman of Satyam Computers B Ramalinga Raju, who was admitted to NIMS in Hyderabad, is likely to come out by this evening and would be communicated to Chanchalguda jail authorities, a senior NIMS doctor said.
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