The hearing was postponed today because the defence lawyers could not reach the court on time. However, Nalini Kumar, the high court lawyer for Satyam's former CFO Vadlamani Srinivas, concluded his argument stating that his client will always co-operate with investigating agencies if he is released on bail. Srinivas is in judicial remand, along with the Raju brothers, since last month.
Sebi, which is probing charges of insider trading in the Satyam case, sought a day's custody of Ramalinga Raju and Rama Raju, who are currently in judicial custody. The regulator's request for a day's custody of the Raju brothers, however, was turned down by the sixth additional chief metropolitan magistrate on January 23.
Srinivas Vadlamani, the Chief Financial Officer of Satyam Computers, was remanded to judicial custody till January 23 by the 6th Metropolitan Magistrate on Sunday. He was later shifted to the Chanchalguda central jail, where former chairman of Satyam B Ramalinga Raju and his younger brother Rama Raju have been lodged since Saturday. Bharat Kumar said that the bail petition for all the three former officials of Satyam will come up for hearing on Monday.
Ram Myanampati, the interim chief executive officer of beleaguered Satyam Computer Services, on Thursday admitted that he himself is on a shaky ground.
Both Raju and Gelli symbolised the so-called 'Telugu pride' in the corporate world and were considered visionaries in their respective fields of operation. They were heralded as institution-builders, but in the end their fall too was equally swift due to a set of financial frauds. Incidentally, PricewaterhouseCoopers was the auditors of both the institutions.
Startled by the disclosure of fudging of accounts by Satyam founder B Ramalinga Raju, market regulator Sebi has ordered a probe into share market operations and inspection of the IT company.
Satyam Computer Services on Wednesday announced that it is not going ahead with its proposed acquisition of Maytas Properties and Maytas Infra, in light of the feedback received from the Investor community.
Satyam founder R Raju challenges fraud case verdict
Even as Sebi officials are quizzing Satyam Computer founder B Ramalinga Raju and his brother Rama Raju at the Chanchalguda jail here, the Andhra Pradesh police are likely to make more arrests in the Rs 7,800-crore fraud involving the IT major.
Talks of a possible merger or takeover will not have credence for a while
One of the Rajus, chairman of non-banking finance company Nagarjuna Finance, K S Raju, was arrested for defaulting on repayments of public deposits worth around Rs 100 crore (Rs 1 billion).
The fact that Satyam's reputed auditors kept quiet while it cooked its books is reminiscent of the Enron-Andersen days.
December 16, 2008 is a day two high-profile corporate honchos from Andhra Pradesh will not forget in a hurry.
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore (Rs 8.22 billion) deposit belonging to Mahindra Satyam in a money laundering case involving former Satyam Chairman B Ramalinga Raju and others.
At the end of seven-day custody of the accused, the CBI counsel informed the designated court that the agency is yet to complete the interrogation and wanted two more days of their custody.
Re-constructing what Mr Raju did, that was the key shortcoming in his plan for grand larceny. The more you think of what has happened to Satyam and its jailed chairman, the more obvious it becomes that the problem was the failure to realise that while he might get away with stealing eggs, the goose itself should not be killed.
In an e-mail interview to Assistant Managing Editor Indrani Roy Mitra, chairman of National Association of Software and Service Companies, Ganesh Natarajan discusses the issues related to the Satyam debacle.
The Satyam incident did not come as a bolt from the blue for the Bangalore-based IT-BPO union, who had written to the IT industry body Nasscom, the Prime Minister, IT Minister and Ramalinga Raju himself to conduct an inquiry into the affairs of the company in 2008.
The Satyam saga, which rattled India over five-and-a-half years ago as its biggest corporate fraud, has turned out to be a case of financial mis-statements to the tune of approximately Rs 12,320 crore, as per Sebi's probe.
Judge ruled that ther lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud.
The final arguments in the multi-crore accounting "fraud" in Satyam Computers commenced on Wednesday in a local court with the prosecution starting its arguments in the case.
In its glory days, Satyam was the lifeline of Hyderabad.
The knowledge economy demands that companies must put premium on their soft assets such as workers, brand value and goodwill, B Ramalinga Raju, chairman, Satyam Computer Services, said on Friday.
The company has admitted it fudged data so that it could launch its products in the United States. It has now paid $500 million as a penalty to settle the case.
The government's ambitious highway projects under the public-private partnership mode are in serious trouble. Construction companies have either not put in bids or have withdrawn from 20 such projects, which fall under the build, operate and transfer scheme.
Mahindra Satyam (formerly Satyam Computer Services Limited) on Sunday said that a group of investors led by Aberdeen Asset Management have claimed damages of over $150 million (approximately 750 crore) from the company for the losses they suffered post the confession of accounting frauds by its founder B Ramalinga Raju in 2009.
The Serious Fraud Investigation Office (SFIO), the investigation arm of the Union corporate affairs ministry, has begun prosecution proceedings against the alleged perpetrators of the country's largest accounting fraud that took place in Satyam Computers last year.
Nine months have passed since the country's largest financial scandal hit Satyam Computers, after its promoter Ramalinga Raju confessed to a fraud that its auditors had failed to detect.
The XXI additional chief metropolitan magistrate BVLN Chakravarti after dismissing the petitions of the accused seeking discharge from the case, personally inquired if the accused committed the crime.
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
Maytas had moved the court challenging termination of its contract by Utility Energytech and Engineers last month. Maytas had also sought a temporary stay to the termination, but Justice Anup Mohta of Bombay High Court last week refused to pass any interim order.
A local court in Hyderabad on Thursday put the hearing of arguments on framing of charges against former Chairman of Satyam Computers B Ramalinga Raju and nine other accused in the multi-crore accounting scam in the IT firm to August 24.
Keep your nerve and don't exit at once. For all you know, there could be a turnaround story.
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.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
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.
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