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.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Former Chief Financial Officer Vadlamani Srinivas has also filed a bail plea in the court.
The Fourteenth Additional Chief Metropolitan Magistrate has granted permission to the Enforcement Directorate, a central government wing, to record the statements of the accused in the Satyam scam from June 9 to 16.
The Central Bureau of Investigation on Thursday obtained specimen signatures of former Satyam Computer chairman B Ramalinga Raju and four others accused in connection with the multi-crore rupee fraud in the IT company.
A local court in Hyderabad on Tuesday allowed the CBI to obtain specimen signatures and handwriting of former Satyam chairman B Ramalinga Raju and four other accused in the Satyam fraud case, all of whom are now in the Chanchalguda jail.
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.
ICAI starts proceedings against software firm's CFO and head of audit cell.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
A local court in Hyderabad dismissed the bail petitions of S Gopalakrishnan and Talluri Srinivas, former partners of auditing firm Price Waterhouse, who are in judicial remand in the Rs 7,800-crore Satyam fraud case.
DiPiazza's visit coincides with Price Waterhouse suspending two of its partners -- S Goplakrishnan and Srinivas Talluri -- who worked on the accounts of scam-hit Satyam Computer Services and were arrested last week.
Government agencies probing the Satyam accounting fraud are in possession of what may well be forged letters from banks certifying that they had issued those FDRs. Sources in one of these banks told Business Standard that it had not issued any letter certifying the existence of FDRs to Price Waterhouse. A Price Waterhouse team may soon make a presentation to the new government-appointed board of Satyam and explain how it relied on the documents.
Sources said GMR could be the first major Indian corporate to engage multiple auditors. GMR will also rotate the auditors at periodic intervals. The length of the rotation period shall be decided by the company board, based on the recommendation of the audit committee. GMR will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company's board from time to time on the recommendation of the audit committee.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
The Reserve Bank of India's (RBI's) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
According to a new survey conducted by consultancy major PriceWaterhouseCoopers, about 28 per cent of Indian financial services firms expect to buy stakes in European groups in the next five years and the same percentage intend to enter North America. "Overseas acquisitions by industrial groups such as Tata Steel, Hindalco, Tata Motors and Ranbaxy are clearly proving inspirational," PwC said in its report.
"American jurisdiction will decide independently of what we do here. We cannot be on any help to them (PW) in the US. We cannot go and say (to PW) don't worry we will pay for you," Corporate Affairs Minister Salman Khurshid said.
India's entertainment and media (E&M) industry may grow by 10.5 per cent cumulatively next five years, to touch Rs 92,950 crore (Rs 929.50 billion), a PriceWaterhouseCoopers report said on Wednesday.
High-end business and leisure travelers are demanding superluxury, and hotels around the world are responding.
Satyam may have been loaded with funds of over Rs 5,000 crore as on September 2008, but it could have been left with just Rs 200 crore of maturable fixed deposits by the time IT firm's founder Ramalinga Raju revealed financial fraud on January 7.
He also said that there was a need to assure investors that this was a one-off case.
India spends only 20.7 per cent of its total health expenditure on public health services, far less than Bangladesh, China and Pakistan, which contribute 25 per cent, 34.9 per cent and 45 per cent respectively, a study revealed.
With information security becoming a big issue around the world, the number of security breaches has shown a massive increase in India.
The valuation for the unit has been carried out by PriceWaterhouseCoopers and finalised by the board committee comprising all the independent directors.
The deal comes at a huge cost to minority shareholders who have till date lost close to Rs 5,500 crore that were written off United Spirits' books
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges. Sources said FPIs, through their custodians, were planning to approach the ministry, highlighting key concerns and seeking more clarification. The ministry, through a notification on March 7, lowered the threshold for reporting ultimate beneficial ownership (UBO) for non-profit organisations and politically exposed persons to 10 per cent from 25 per cent.
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
The Securities and Exchange Board of India (Sebi) has proposed stricter disclosure norms for certain foreign portfolio investors (FPIs) to bring in more transparency and trust against the backdrop of the Adani-Hindenburg Research saga. Under the new norms, FPIs with an exposure of more than 50 per cent to a single group or with assets of over Rs 25,000 crore will be tagged as 'high risk' and will be required to provide additional information such as full identification of their ownership, economic interests, and control rights. A failure to provide these disclosures will lead to invalidation of the FPI registration.
The total valuation of Tata Teleservices, according to the valuer, was only Rs 11,000 crore (Rs 110 billion), against the pre-agreed valuation of Rs 27,000 crore (Rs 270 billion).
A new breed of hackers has emerged, whose main aim is not necessarily financial gain but causing disruption
Sitharaman, who became the first full-time woman defence minister in the first tenure of the Bharatiya Janata Party-led National Democratic Alliance government -- will also head the Corporate Affairs ministry in the new cabinet.
Goenka has not even attended the last three annual general meetings of the company, yet he drew around half of the managing director's pay
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Directors that are shareholders will also face more problems.
The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
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