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.
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.
There are very few takers for B Ramalinga Raju's astounding claim that the margin earned by Satyam in the quarter ended September 2008 was just 3 per cent, and not 24 per cent as reported in the results.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
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.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
Byrraju Foundation, the non-governmental organisation set up by Satyam Computer Services founder B Ramalinga Raju and his family, was left orphaned in January 2009.
'It is revealed that an amount of Rs 1,425 crore out of Rs 1,744 crore loan obtained from NBFCs was transferred to the bank accounts of SCSL by 37 companies as loan over a period ranging from November 17, 2006 to October 30, 2008 to meet the expenses of the Satyam Computer Services Limited. Out of this amount, Rs 194 crore was returned by SCSL during October and November 2008 to 15 out of the 37 companies,' the CBI said in its chargesheet.
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.
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.
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.
Following the order, Raju and others are likely to move the high court.
The NYSE-listed Satyam Computer Services on Tuesday said the company has the potential to grow from its current employee strength of 20,000 to 50,000 in a few years.
Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
Fresh suitors have emerged, and a cleanup is proceeding under a board appointed by the government. But the fraud leaves a cloud over Indian outsourcing.
Satyam Computer Services Limited on Friday signed a memorandum of understanding with West Bengal Electronics Industry Development Corporation Limited for setting up its development centre in Kolkata.
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.
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.
In its glory days, Satyam was the lifeline of Hyderabad.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
The government said on Wednesday that Satyam Computer Services' disgraced founder Ramalinga Raju created a network of about 300 companies and diverted funds from one company to another in a complex but carefully planned process. Speaking to Karan Thapar on the CNN-IBN news channel, Gupta said, "Our information is that there was a network of almost 300 compnaies and funds were diverted from one company to (another) and then to (a) third."
Fourth largest software exporter from India, Satyam Computer Services on Thursday said it would expand its global footprint by opening more delivery centres and sales offices overseas.
The software company has conducted 'mass recruitment' of entry level engineers from top Malaysian universities.
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.
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.
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.
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".
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 Hinduja Group chairman, who was in Davos to participate in the World Economic Forum, however, noted that the incident might not have much impact on the reputation of India Inc in the eyes of foreigners, who are more used to such scams. Raju's confession not only shocked India Inc, but investors all over the world. Such type of wrongdoings are more prevalent in the western world and foreigners are used to this kind of happenings, Hinduja said.
The Fox News in an online report quoted a spokesman for the UN Secretariat as saying that "one direct contract it (UN Secretariat) had with Satyam is to be terminated."
Satyam founder B Ramalinga Raju's confession letter on January 7 also refers to a net amount of Rs 1,230 crore (Rs 12.3 billion) arranged for Satyam by the 37 companies.
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.
Satyam Computer Services has formed a new team to look into its day-to-day affairs, following the resignation of its chairman Ramalinga Raju.
Replying to supplementaries during Question Hour in the Rajya Sabha, corporate affairs minister Prem Chand Gupta said while the Serious Fraud Investigation Office under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time-frame has been set for CBI.
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.
Ram Myanampati, the interim chief executive officer of beleaguered Satyam Computer Services, on Thursday admitted that he himself is on a shaky ground.
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