A detailed report of the medical tests conducted on former chairman of Satyam Computers B Ramalinga Raju, who was admitted to NIMS in Hyderabad, is likely to come out by this evening and would be communicated to Chanchalguda jail authorities, a senior NIMS doctor said.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
It is now widely accepted that the faith placed in independent directors, to improve the standards of corporate governance, has often been misplaced. Most of them, and not just in the case of Satyam Computers, tend to go along with the promoters who appoint them.
In an interview with Leslie D' Monte, Capgemini's CEO (financial services) for India and Asia Pacific, Salil Parekh, explains the company's strategy for India.
The remand of Satyam founder B Ramalinga Raju and seven others was extended by 14 days by a local court in Hyderabad on Wednesday.
Maytas Infrastructure Ltd, the listed company floated by the promoters of Satyam Computer Services, plans to raise Rs 800 crore to Rs 1,000 crore through asset sales plus loan and guarantees from banks to complete various projects, including the prestigious Hyderabad Metro, and to bid for some new projects that are coming up for auction.
He went on to explain that it is standard practice for developers to have development agreements under which the land-owner cannot sell his land to any other entity or individual.
For Tech Mahindra, the successful bidder for Satyam Computer Services, it was "a game-changing day," according to Anand Mahindra, vice-chairman & MD of Mahindra & Mahindra.
RIL, SBI and ONGC are among the top 200 companies ranked 121st, 150th and 152nd, respectively by US magazine Forbes. New entrants include Hero Honda Motors, Sun Pharma, Indian Bank and Jindal Steel and Power Ltd. However, five Indian companies -- scam-hit IT firm Satyam Computer, realty firm Unitech, Suzlon Energy and two Anil Ambani group firms Reliance Power and Reliance Capital -- have been dropped.
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.
A local court on Friday extended the judicial remand of Satyam Computer founder B Ramalinga Raju, his brother Rama Raju, former CFO of the IT firm V Srinivas and two former auditors of PricewaterhouseCoopers by 14 days.
The Securities and Exchange Board of India is all set to begin the proposed peer audit review of the companies that form the Sensex and Nifty benchmark indices.
Tata Consultancy Services along with Bharti Televentures and National Thermal Power Corp was on Friday adjudged among the best employers in India by leading global human resources management firm Hewitt Associates.
Disgraced Satyam Computers founder B Ramalinga Raju, the prime accused in the multi-crore financial fraud in the IT firm, on Thursday moved the Supreme Court pleading that he be released on bail.
A local court on Saturday extended the judicial custody of Ramalinga Raju, his brother and former managing director Rama Raju and former chief financial officer Vadlamani Srinivas till February 21.
The scam-hit Satyam Computer founder B Ramalinga Raju, brother Rama Raju and ex-chief financial officer Srinivas are in 'protective custody', former Securities and Exchange Board of India chief M Damodaran said in Ahmedabad on Saturday.
Counsel for Satyam Computer's founder B Ramalinga Raju on Wednesday objected to the manner in which market regulator Sebi was conducting the interrogation, saying his client was not allowed to have any legal assistance, and also threatened to challenge the process in the Supreme Court.
A five-member Sebi team arrived at the Chanchalguda Central Prison in Hyderabad on Wednesday to quiz Satyam Computer founder Ramalinga Raju and his brother and former Managing Director Rama Raju regarding the Rs 7,800-crore (Rs 78 billion) financial fraud in the IT firm.
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.
Since KPMG is not registered in India, it cannot undertake auditing work or restate accounts of beleaguered Satyam Computer Services, said Ved Jain, president of the Institute of Chartered Accounts of India.
Brokerages in India as well as foreign firms that track Indian companies have started corporate governance checks on the companies that they analyse after major foreign institutional investors as well as other investors raised doubts over the reported numbers, in the wake of the Satyam Computers scam.
A well-balanced board of directors, proactive shareholders and swift action against malpractices could restore market confidence.
The 6th Metropolitan Magistrate M Ramakrishna passing the orders on a petition of the Crime Branch-CID of Andhra Pradesh Police on Saturday remanded them to the CID's custody for four days, starting from Sunday.
The decision to withdraw from participating in the special purpose vehicle, being promoted by the Matyas Group, was taken by the MMTC board. MMTC was in the process of receiving shareholders' approval for investing Rs 85.85 crore and picking up up to a five per cent stake in the Maytas Group's SPV for the SEZ.
An Indian software engineer working with scam-hit Satyam Computer Services was shot dead by unidentified assailants in Arkansas in the United States.
After waiting for months for Satyam Computer Services to honour their job offers, several wannabe Satyamites finally landed at the scam-hit company's headquarters in Hyderabad to get an assurance on their jobs. Satyam has been the preferred choice for many students and colleges alike. But over the last couple of years, the company has either reduced the intake or stopped going to institutes for recruitment. The company usually recruited in advance anticipating new projects.
In a bid to safeguard their firms against fraud, many multinational companies are contacting Certified Fraud Examiners for checking their accounts and financial transactions.
A day after Ramalinga Raju announced his departure from Satyam Computer after admitting to the country's biggest ever corporate fraud, a website by his name, launched supposedly by his fans last week, vanished into oblivion on Thursday.
Earlier during the day, the Andhra Pradesh chief minister Y S Rajasekhara Reddy told reporters in Delhi that a CB-CID enquiry will be ordered into this 'mind-boggling' fraud, immediately. According to official sources, the CB-CID would take up the investigation only when a Government Order is issued in this regard.
With prominent Indian IT companies such as Tata Consultancy Services (TCS), Wipro, Infosys Technologies, Zensar Technologies and Satyam Computer Services increasing their presence in Japan, the world's second largest IT services market is becoming a lucrative market for India.
iLabs Private equity fund, a $300 million India-centric fund promoted by former COO of Satyam Computer Systems Srini Raju, has invested Rs 42 crore (over $10 million) in VSoft Corp.
A slowdown in the global economy and sub-prime crisis in the banking, financial and insurance services sector, its major revenue earners, force the domestic IT industry to take a relook at its hiring strategy.
Asian Paints, Cipla, Bharat Forge, Dabur India, Nicholas Piramal and Satyam Computer Services are among the 20 Indian corporate entities that have found place in Forbes' list of 'Best Small Asian Companies'.
Indian IT firms have started mining smaller clients with more fervour given that the revenue accruring from their top clients has been declining due to the US slowdown and the sub-prime crisis. Consider this. Revenue accruing from the top clients of the five leading IT firms by revenue - Tata Consultancy Services, Infosys Technologies, Wipro Technologies, Satyam Computer Services and HCL Technologies - dropped by anywhere between 0.2 per cent and 4 per cent
Satyam Computers founder B Ramalinga Raju, who is in jail for the past eight months in connection with a Rs 8,000 crore corporate fraud, suffered a massive heart attack and was admitted to a hospital on Monday night, jail and police sources said. Raju, who will turn 55 on September 16, was transferred to the Nizam Institute of Medical Sciences hospital from Chanchalguda jail, where he is under judicial custody on charges including fraud, forgery, cheating, embezzlement.
Aditya Birla Group, Satyam Computer Services and Marriott Hotels India have been ranked as the top three employers in India.
The Andhra Pradesh government will review the concession agreement it has signed with Maytas-led consortium for developing the Machilipatnam Port as the winning bidder for the over Rs 1,500-crore (Rs 15 billion) project has failed to tie up funds within the stipulated time.
A local court on Thursday allowed the Central Bureau of Investigation (CBI) to conduct lie-detector and brain mapping tests on Satyam Computer founder B Ramalinga Raju and two others to help unravel the multi-crore accounting scam in the IT firm.
The family of B Ramalinga Raju, the main accused in the multi-crore fraud at Satyam Computer, has approached a local court seeking a direction to de-freeze bank accounts and return seized electronic items.
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