PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
The Enforcement Directorate in October last year had filed the complaint against Raju and 212 others, including 166 companies, before the XXI Additional Chief Metropolitan Magistrate Court cum Special Sessions Judge here for allegedly laundering funds under a 'corporate veil' to perpetrate the accounting scam that rocked the business world in 2009.
Maytas Infra was entrusted with the task of constructing a township colony at Rs 233 crore (Rs 2.33 billion) in Jharsuguda following a contract in March 2008, a Vedanta official told PTI.
A special court on Tuesday set March 9, 2015, as the date for the verdict in the multi-crore accounting fraud in erstwhile Satyam Computer Services Limited.
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
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.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
ED filed a bulky prosecution investigation report before the XXI Additional Chief Metropolitan Magistrate cum Special Sessions Judge here today seeking to "prosecute the accused for the offence of money laundering" under the Prevention of Money Laundering Act.
ICAI has also imposed a fine of Rs 5 lakh on each of the three accused in Satyam case.
Special court will announce judgement in Satyam case on Dec 23.
The Andhra police have arrested two Price Waterhouse auditors- Gopalakrishna and T Srinivas- in connection with the financial irregularities case with Satyam Computer Services Ltd.
Official sources said the 2000-01 acquisitions -- notably the high-profile purchase of web portal India World Communications from Rajesh Jain for Rs 499 crore (Rs 4.99 billion) -- by Satyam Infoway could mark the start of the company siphoning funds overseas under the guise of acquiring companies. Satyam Infoway was merged with Satyam Computers in 2002.
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.
Prime accused B Ramalinga Raju has been avoiding court proceedings since September citing health reasons.
The 55-year-old prime accused in the multi-crore scam is suffering from Hepatitis-C and is undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad.
Srinivas Vadlamani, chief financial officer of Satyam Computer Services, was remanded to judicial custody till January 23 by the 6th Metropolitan Magistrate on January 11.
This is one of the major corporate frauds in the country.
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.
After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
Employees of the beleaguered Satyam Computer Services are now finding it difficult to get personal loans or pay back equated monthly instalments. Even their credit card limits have been reduced by almost 80 per cent since banks have become stringent following reports of the severe cash crunch at Satyam on the back of the admission of a financial fraud by the former company chairman Ramalinga Raju.
The big thing was inflating the revenue of the company through fake invoices.
The Central Bureau of Investigation, investigating the financial scam at Satyam Computer Services, is finding it difficult to crack the content of the two laptops that belong to the company's founder, B Ramalinga Raju. It is now sourcing special accessories to unearth the data stored in them.
The Supreme Court ruling rejecting the legality of narcoanalysis, brain mapping and polygraph tests if they are done without the consent of suspects, could bring reprieve for Satyam Computer Services founder B Ramalinga Raju and two of his associates.
Corruption is an endemic part of the system, so why should Satyam be subject to higher ethical standards by auditors, bankers, etc. than some other company?
A local court on Saturday extended the judicial custody of Ramalinga Raju, his brother and former managing director Rama Raju and former chief financial officer Vadlamani Srinivas till February 21.
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.
Raju, the prime accused in the accounting scam in the IT firm, made his fifth appearance in the XXI Additional Chief Metropolitan Magistrate court, after he got bail from the Andhra Pradesh high court.
A court allowed the Serious Fraud Investigation Office (SFIO), a central government body, to question Satyam Computer Services founder B Ramalinga Raju, former managing director B Rama Raju, former chief financial officer Srinivas Vadlamani and two Price Waterhouse auditors, S Gopalakrishnan and Srinivas Talluri, for six days from March 29.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
PwC has about 1,200 tax professionals and 55 executive directors servicing domestic and international companies.
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.
Within hours of Company Law Board orders, the government on Thursday appointed its nominees on the boards of Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced founder of the Satyam Computer Services B Ramalinga Raju.
T R Prasad, former cabinet secretary and ex-independent director of scandal-hit Satyam Computer Services on Wednesday said, he is in Delhi at present and is ready for interrogation by any investigative agency.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
The government does not see any conflict of interest in HDFC chairman Deepak Parekh and former Nasscom President Kiran Karnik, who are directors on the board of Satyam's competitors, being on the troubled company's board.
n February 2009, the CBI took over the investigation.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
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