Disgraced Satyam founder B Ramalinga Raju, his brother Rama Raju, and IT firm's former CFO Vadlamani Srinivas moved their bail applications in the IV Additional Metropolitan Sessions judge in the Nampally criminal court complex. Their bail pleas were rejected by the designated court for CBI (XIV Additional Chief Metropolitan Magistrate).
Months before Satyam Computer Services founder B Ramalinga Raju made disclosures about committing fraud, authorities in the US had initiated an investigation into the company's dealings with Syria, Sudan, Cuba and Iran, identified by the US government as state sponsors of terrorism, and subject to US economic sanctions and export controls.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
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."
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.
A local court in Hyderabad on Thursday extended the police custody of disgraced former chairman of Satyam Computer B Ramalinga Raju by one more day. The 6th Additional Chief Metropolitan Magistrate Ramakrishna also extended the police custody of former chief financial officer Vadlamani Srinivas by one more day.
In a sensational disclosure, a public prosecutor has told a local court in Hyderabad that the disgraced chairman of Satyam Computer Services B Ramalinga Raju had not only inflated the number of employees by thirteen thousand but also used the fictitious numbers to mint money.
The company, promoted by former Satyam Computer Services chairman B Ramalinga Raju's family, was originally required to announce its third-quarter results by the end of this month. Various agencies, including the state Criminal Investigation Department, have been probing the Maytas affair after B Ramalinga Raju admitted to serious financial fraud in Satyam.
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.
Employees of the beleaguered Satyam Computer Services are now finding it difficult to get personal loans or pay back equated monthly instalments. Even their credit card limits have been reduced by almost 80 per cent since banks have become stringent following reports of the severe cash crunch at Satyam on the back of the admission of a financial fraud by the former company chairman Ramalinga Raju.
Satyam Computer's $75 million Directors and Officers insurance is unlikely to provide a cover against claims arising out of irregularities committed by the company's founder B Ramalinga Raju.
The authorities have been witnessing significant pressure over the issue and this might be the reason for their expected move towards arresting Raju
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.
It's one Forbes list where none would want to figure, but Ramalinga Raju, founder-chairman Satyam Computers (now Mahindra Satyam), has managed the feat of being among the world's 10 most outrageous CEOs.
Raju, the only Indian on the list dominated by Americans, owes his place on the list to his disclosure in January about committing the country's biggest ever corporate fraud.
Raju and nine others accused, including his two brothers, are currently on bail in a case related to fudging of Satyam accounts in 2009.
Wipro, Satyam join TCS, Infosys in beating rupee blues.
The big thing was inflating the revenue of the company through fake invoices.
Indian IT majors like Tata Consultancy Services, Wipro and Satyam Computer Services -- which have running multi-million dollar deals with General Motors that has filed for bankruptcy -- are likely to face a short-term impact since any loss of business in these slowing economic conditions is a setback.
While the other two companies in the group--Satyam Computer and Maytas Infrastructure--are back to business-as-usual with new promoters, Maytas Properties (MayProp) is yet to get its house in order. This is despite the passage of more than a year after the founder-promoter, B Ramalinga Raju, confessed to a big accounting fraud.
In a discussion with Business Standard, Murthy shares the roadmap ahead.
For the whole world B Ramalinga Raju may be a villain, after the startling revelation of fraud in the company he founded, but for residents of his native village in West Godavari district, he is still a good Samaritan.
Mendu Rammohan Rao, dean of the Indian School of Business (ISB) and an independent director on the board of Satyam Computer Services till recently, has quit the prestigious B-school, according to reports.
After a blockbuster first quarter reported by Infosys last week, analysts expect other IT majors like TCS and Satyam to romp home with impressive quarterly figures.
A growing number of companies are in an innovation mode to engage employees in the wallet, mind and heart.
Closing five-and-a-half year long probe into the country's biggest corporate fraud, Sebi on Tuesday barred erstwhile Satyam Computer's founder B Ramalinga Raju and four others from markets for 14 years and asked them to return Rs 1,849 crore (Rs 18.49 billion) worth of unlawful gains with interest.
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
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.
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.
Corruption is an endemic part of the system, so why should Satyam be subject to higher ethical standards by auditors, bankers, etc. than some other company?
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.
It may be the end of a boardroom for life for Ram Manyampati, the interim chief executive officer of Satyam Computer Services and the two independent directors T R Prasad and V S Raju.
Amid speculation over his whereabouts, B Ramalinga Raju, who stepped down as chairman of Satyam Computer after admitting to financial irregularities, is believed to have left for the United States in connection with a court case.
Class action, whistleblower protection and exit option likely to bring back investor confidence.
SFIO, the investigation arm of the Corporate Affairs Ministry, has been ordered to probe alleged fraud in 83 companies in the last four years, Parliament was informed on Thursday.
Warning the Indian IT industry against complacency, the head of Satyam Computer Services has said it needs to continuously innovate to keep ahead of other developing nations including China which are 'eyeing a piece of the pie.'
Global equity research firm Standard & Poor's has projected a significant jump in the American Depository Receipts
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances