Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Sebi has launched a coordinated investigation with the Registrar of Companies to examine transactions between Satyam and its bankers BNP Paribas, Citibank, HSBC, HDFC and ICICI Bank
As a fallout of the financial irregularities in Satyam Computer Services, a section of the United Progressive Alliance government is in favour of cancelling the award of the Hyderabad Metro Rail project. The project was won by the Nava Bharat-led consortium, in which Maytas Infra, a listed firm related to Satyam's promoters, is one of the partners.
The 56-year-old Raju admitted to fraud in January 2009 in the IT major.
This settlement relates to an accounting fraud perpetrated by the company's former management from at least 2003 through September 2008.
The Company Law Board on Thursday completed the formality of approving the induction of Venturbay, a subsidiary of Tech Mahindra, as the strategic investor to acquire a 31 per cent stake in Satyam Computer Services and asked it to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
Accountancy regulator ICAI on Wednesday agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.
For the Company Law Board, 2009 was a case of fence eating the crop, as the quasi-judicial body that was looking into the affairs of fraud-hit Satyam Computer saw its acting Chairman accused of graft.
A Securities and Exchange Board of India (SEBI) team probing a financial fraud in Satyam Computer on Friday reached founder Ramaling Raju's house here, but returned as the premises was locked.
"I wrote nearly eight letters to Sebi alerting them about Satyam's fraudulent practices and the company's connivance with local politicians but none of the letters elicited any response from the regulator. Sebi remained silent about the issue even while I mentioned to them that MCA launched a fact-finding probe. But the fact is that the MCA probe too was very slow and only on paper," Sarma said.
The accused has been lodged in Chanchalguda central jail.
Prime accused B Ramalinga Raju has been avoiding court proceedings since September citing health reasons.
Tech Mahindra's open offer for acquiring a controlling stake in Satyam Computer, which begins on Friday, may not be fully subscribed as shareholders will get a better price in the market with the shares of the tainted IT firm soaring over 33 per cent in the past three days.
Reconstructing the financial statements and appointment of key managerial personnel, especially the chief financial officer, should top the agenda for the newly appointed board of Satyam Computer Services, experts say.
Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday public projects being implemented by Maytas Infra in the state, individually or as part of consortia, were being closely reviewed. Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday. The total value of the projects awarded to Maytas and its joint venture partners amounts to Rs 3,800 crore (Rs 38 billion).
According to sources, the family has pledged majority of its shareholding and real estate assets to various institutions. Two institutions, Maharashtra government's financial arm, Sicom, and IFCI, confirmed that Maytas promoters had pledged shares around a year ago to raise resources. IL&FS too has similar exposure to Maytas, said sources. However, this could not be confirmed.
Indian IT company joins Enron, WorldCom and Societe Generale on list of notorious corporate frauds.
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.
A local court on Tuesday directed the NIMS hospital in Hyderabad to file a fresh report regarding the health condition of former chairman of Satyam Computers B Ramalinga Raju, before it by July 1, even as CBI filed a memo seeking second opinion report through independent committee of doctors.
B Ramalinga Raju, the prime accused in Satyam Computers multi-crore scam, needs continous medical attention, a special court trying Satyam scandal cases was told on Monday.
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.
The court wants to examine all the accused, including B Ramalinga Raju, in regard to allegations mentioned against them by the CBI in two separate chargesheets before commencing the trial.
The new bosses of Satyam Computer Services took the step of directly taking questions from apprehensive employees.
The fourth additional sessions court in Hyderabad on Wednesday posted the orders on the bail petition of Price Waterhouse auditors to Thursday.
A Hyderabad court on Friday ordered the initiation of proceedings against the former directors of Satyam Computers in a case filed by Serious Fraud Investigation Office (SFIO) after separating the trials against B Ramalinga Raju and Ram Mynampati.
Ramalinga Raju, former chairman of Satyam Computers, who last year confessed to have inflated his company's assets by over $1 billion, was declared a pauper by a New York court exempting him from paying court costs.
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.
Further, the market regulator has not got any request from the Satyam board asking for an extension to publish the financial results. However, Sebi will consider the request if they receive it, clarified Sebi Chairman C B Bhave who was briefing mediapersons after the Sebi board meeting.
Referring to the various infrastructure projects being executed by Maytas and its joint venture partners in the state, the chief minister said: "If we have genuine doubt about their capabilities, we will look at alternatives. If work can go without any problem, we will continue. We will only see that there is no risk to the government."
Post-Satyam, brokerages asked to do stricter checks of financial records.
The government is likely to appoint a deputy governor of the RBI by this month end despite disruption in the selection process following the resignation of former Satyam Computer independent director M Rammohan Rao from the selection committee. The government has appointed a Search Committee headed by RBI Governor D Subbarao to shortlist candidates for the post of deputy governor following superannuation of V Leeladhar last month.
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.
Satyam Computer Services Ltd founder, B Ramalinga Raju, his brothers and their spouses have acquired 1,065 properties with a registered value of Rs 350 crore (Rs 3.50 billion). These include 109 properties in coastal Andhra, 11 in Karnataka, 40 in Nagpur, 29 in Chennai and 876 in Hyderabad and the surrounding Rangareddy district, according to sources tracking developments in the Central Bureau of Investigation probe of the Satyam case.
Former Satyam executives Rama Raju and Vadlamani Srinivas, who are in judicial custody in connection with multi-crore rupee accounting fraud, have filed a petition in a local court seeking permission to use laptops inside jail.
Bharat Kumar, counsel for Ramalinga Raju, urged the court to grant the bail to his client on health ground and also to enable him to defend himself in various cases slapped against him by various investigating agencies including Securities and Exchange Board of India, Serious Fraud Investigation Office, Enforcement Directorate.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
To outsource work; priority on actively-traded, listed companies.
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
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.
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