The IPL shows many similarities with India's biggest corporate fraud, the Satyam scandal.
Satyam, which started its Chennai operations in 1997 with exports of Rs 20 million, now has six offices in the city with about 3,500 employees and exports of Rs 154 crore (Rs 1.54 billion) in the year ended March 2004.
By wonderful coincidence, the first UID card handed out today by the Prime Minister and Mrs Gandhi was backed by Mahindra Satyam technology, says Anand Mahindra.
Mahindra Satyam had filed a lawsuit in a New York court against Upaid, seeking to make it solely responsible for any tax liability arising from an out-of-court settlement reached by them.
Sukanya Verma looks at how one of the seven primal human emotions is usually treated in Hindi movies.
Ever since the trial in the Satyam Computer Services fraud case began on November 8, 2010, close to 100 witnesses have deposed before the special court.
Former chairman of Satyam Computer Services B Ramalinga Raju, the prime accused in multi-crore accounting fraud in the IT firm, on Monday gave consent for his examination on the charges against him through a questionnaire.
The company has customers from diverse sectors such as insurance, banking, BPO, retail, manufacturing and aviation.
In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years.
The scrip ended today's trade at Rs 90.55, down by 10.92 per cent from its previous close on the BSE.
The Union government on Monday indicated it was hopeful of a favourable reply from the US Securities and Exchange Commission to a request for being lenient on scam-hit Satyam Computers, thereby allowing it to remain on the rehabilitation track."We are expecting to get a fair judgment (from the SEC)," ministry of corporate affairs' Secretary, R Bandyopadhyay, said here at an interactive session organised by the Bengal Chamber of Commerce and Industry.
The XXI Additional Chief Metropolitan Magistrate court allowed the petition of G Ramakrishna, who worked as vice-president (Finance) in the IT firm, to represent himself in the case.
The company has a total of 34,000 employees globally.
However, a bench comprising Chief Justice K G Balakrishnan and Justice Deepak Verma permitted Gopalkrishnan, then working as a partner of the global accounting firm, to renew his bail application over delay by probe agency CBI in filing the third chargesheet. Following it, the court permitted Subramani Gopalkrishnan's to withdraw his bail petition.
The court had earlier asked Raju's lawyers to file an affidavit on whether the Satyam founder can be examined through a questionnaire.
L&T is the largest single shareholder in Satyam holding a 12 per cent stake in the IT firm.
Satyam Computer Services Ltd on Tuesday said it is providing a free data management solution, as well as IT services to 'Project Hope' in China.\n
Larsen & Toubro on Monday said it is yet to take any decision on selling its over 8 per cent stake in Mahindra Satyam, but had sought market regulator Sebi's approval for offloading the holding in the IT company.
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.
The special court for economic offences here today posted six cases filed by the Serious Fraud Investigation Office (SFIO) against former directors of Satyam Computer Services Ltd in the multi-crore accounting scam to April 29 and the remaining one case to April 21.
Satyam Computer has been under sustained selling pressure ahead of the announcement of its quarterly results next week, especially after the dismal performance of tech majors like Infosys Technologies and Wipro. \n\n\n\n
IT firm Satyam Computer on Tuesday said the delisting of the company's American Depository Shares from NYSE Euronext has been approved.
Satyam Computer Services expects to grow its headcount substantially in China from the current 300 to a few thousand in the next few years, even as it scouts for acquisitions to enhance its skills in areas it does not have a foothold.
Last week, three of Satyam's big clients -- Nestle, Nissan and CIBA -- who were on wait and watch mode, assured the firm of their continued support with with the firm. Nestle is also believed to have given some additional business to Satyam. Analysts had feared that post the acquisition of the firm by Tech Mahindra, clients of Satyam, who were sitting on the fence, would jump to other vendors.
Satyam Computer had the market whistling on Friday as rumours were rife on the counter that it was in the process of bagging a $10-million order from global development financier, the World Bank.
Satyam Computer Services Ltd is launching an automotive development centre in Detroit to consolidate its base in the automotive industry.
The XIV additional chief metropolitan magistrate on Saturday reserved the orders on the plea filed by the CBI, seeking permission to administer lie detection test on Satyam Computer Services Limited founder B Ramalinga Raju, his brother and former managing director and former Chief Financial Officer Srinivas Vadlamani, to July 9.
Board to meet investment advisors Goldman Sachs and Avendus today.
Satyam Computer said on Thursday it expects earnings per share of Rs 14.57 to Rs 14.66 for the full year ending March 31, 2003.
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".
The Corporate Affairs Minister Salman Khurshid said on Friday investigations into the multi-crore accounting fraud in Satyam Computers is almost complete and a final report from the Enforcement Directorate and the Internal Revenue Services is awaited.
The special court, hearing the Rs 7100-crore (Rs 71-billion) financial scam, wants to examine all accused in the case over charges mentioned against them by the CBI.
Software major Satyam Computer Services today posted a 30.37 per cent decline in profit after tax at Rs 343.30 crore
On the company's performance after entering the Indian market last year, he said the car maker has so far sold 100 units. The company right now delivers cars to customers as completely built units from its headquarters in Sweden.
Bharatiya Janata Party leader and Investors' Greivance Forum chief Kirit Somaiya has meanwhile filed a criminal complaint against Satyam and demanded that all transactions that have been conducted (after Raju admitted the fraud committed by him) must be reversed today (Friday, Jan 9) before 3 p.m. on the stock exchanges.
"During this month, the SFIO will begin the prosecution on those or those areas of company laws that the SFIO is expected to and have been authorised to proceed with," Corporate Affairs Minister Salman Khurshid told a press conference in New Delhi.
"I am of the view that resigning from the board now is like deserting a troubled ship. We should remember Satyam is a major player in global IT space, employing well over 50,000 of the best and the brightest of professionals, with vendor commitments to several global corporates and entities," said Satyam's independent director T R Prasad.
India's scandal-hit Satyam Computer Services is to invite formal bids from potential suitors this week, pushing ahead with a possible sale - even though it could be months before its accounts are restated.
Official sources said while about 285 property were attached by the ED through an order in August, the agency is now probing the financial trail of many other properties which have been linked to Raju, his relatives and others.
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.
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