Leading IT services company Satyam Computer Services on Friday posted a 74.75 per cent increase in profit after tax at Rs 360.09 crore (Rs 3.60 billion) for the quarter ended June 30
Satyam Computer Services Ltd on Friday posted a 182.10 per cent jump in net profit to Rs 493.07 crore (Rs 4.93 billion) for the quarter ended December 31, 2005, as compared to Rs 174.78 crore (Rs 1.74 billion) for the corresponding quarter in previou
Satyam Computer Services Ltd on Thursday reported a 32.81 per cent rise in net profit at Rs 250.72 crore
This is one of the major corporate frauds in the country.
Satyam Computer Services has reported a 25 per cent increase in net profit at Rs 147.59 crore (Rs 1.48 billion) for the second quarter ended September 30, 2003
The hearing of the forgery case filed by British mobile solution firm Upaid against Satyam Computer Services is not scheduled for hearing during this week.
Special court will announce judgement in Satyam case on Dec 23.
Ramalinga Raju's lawyer S Bharat Kumar told the media after his meeting with the Sebi officials that he had sought three day's time for Raju's appearance but they granted time only till tomorrow
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
IT firm Tech Mahindra on Wednesday said its Rs 1,154.66 crore (Rs 11.54 billion) open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009.
In response to the petition, the XIV Additional Chief Metropolitan Magistrate court in Hyderabad directed the authorities of Chanchalguda jail, where former Satyam Computer Chairman Raju and the other five accused are being held, to give their views.
After taking over scam-hit Satyam, Techn Mahindra has made many structural changes in the latter to turn it around.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
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.
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.
A local court on Thursday dismissed the petition filed by Satyam Computers former MD Rama Raju and its ex-CFO Vadlamani Srinivas, seeking permission to use laptops in jail.
The government had removed all directors related to the Raju family from the board of Satyam before it was handed to the Mahindra group.
Stocks of IT companies, including Wipro and Megasoft, took a beating at the bourses after it was revealed on Monday that the two firms were barred from doing businesses with the World Bank.
On the basis of the complaint filed by Leena Mangat, the CB-CID had filed an FIR on Jan 9, 2009.
IDBI Bank on Wednesday said it has an exposure of around Rs 300 crore (Rs 3 billion) to the Raju family-owned Maytas companies and is willing to consider any proposal for loans to Satyam Computer if the company approaches it.
Meanwhile, company secretaries' body ICSI is also writing to the company secretary of Satyam Computer today to submit a report on corporate governance in a week. ICSI president Keyoor Bakshi said the government had earlier asked the institute to look into the revelations made by Satyam Computer's founder President Ramalinga Raju.
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.
Going by the provisions of the new company law, the responsibility and accountability equation for independent directors has seen a major change.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
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.
B Ramalinga Raju, the tainted founder of Satyam Computer, on Tuesday made a dramatic appearance before a local court, which is trying India's largest corporate fraud running into about Rs 14,000 crore (Rs 140 billion).
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.
Satyam Computers founder B Ramalinga Raju, main accused in the multi-crore accounting scam, is receiving a stream of visitors in the hospital, an indication that he is medically fit to attend the judicial proceedings
n February 2009, the CBI took over the investigation.
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.
A Hyderabad court on Wednesday posted the multi-crore Satyam Computer fraud case to February 17 for hearing on framing charges against the prime accused B Ramalinga Raju and nine others.
Satyam founder Ramalinga Raju admitted to a Rs 7,800-crore (Rs 78-billion) fraud in the IT company on January 7, weeks after a bid to acquire the two Maytas firms failed. Raju said that he had been cooking the books for years and the Maytas acquisition bid was an attempt to fill fictitious assets with real ones.
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 difference, however, lies in Satyam over-stating its revenue, cash position and profits, while Maytas Infra under- stated its profit in April-June quarter and the discrepancies were 'duly accounted for' in the company's books later. While the role of auditors in Satyam fiasco is questionable as of now, it was statutory auditors of Maytas Infra who pointed out the under-statement in its books.
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