A 23-year-old employee of scam-ravaged Satyam Computers allegedly committed suicide in Chennai, apparently fearing that he may lose his job, police said.
"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG chief operating officer Richard Rekhy said on the sidelines of a CII function in New Delhi. It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.
A Satyam employee attached to its Pune unit said on Thursday after the initial shock and disbelief, it was 'business as usual' on day two. The Satyam customers too addressed mails to the employees saying their 'partnership' will last through the tough times, being faced by the world's fourth biggest IT company.
The Central Bureau of Investigation will file its final chargesheet on Rs 14,000-crore (Rs 140 billion) Satyam fraud after receiving responses to the Letters of Rogatory (LoR) seeking information in this regard from six countries, Parliament was informed on Thursday.
Satyam Computer Services Ltd plans to expand its operations into smaller Chinese cities to meet the growing outsourcing requirements.
Satyam founder Ramalinga Raju was honest at least about his dishonest dealings, with CBI finding that balance sheets were inflated by Rs 5,020 crore (Rs 50.20 billion) almost the same amount disclosed by the former IT posterboy.
Raising the issue in the Rajya Sabha, Leader of the Opposition Jaswant Singh made a demand for a probe by a House Committee into the Rs 7,800 crore (Rs 78 billion) fraud.
Satyam Computer Services has announced a 17.84 per cent jump in its January-March quarter profit after tax at Rs 468.45 crore. Satyam had reported a PAT of Rs 397.51 crore (Rs 3.97 billion) for the fourth quarter ended March 31, 2007. The stand-alone total income increased to Rs 2,337.84 crore (Rs 23.37 billion) for the quarter ended March 31, 2008 from Rs 1,778.40 crore (Rs 17.78 billion) in the year-ago period. The total dividend recommended for the year is 175 per cent.
Satyam may have been loaded with funds of over Rs 5,000 crore as on September 2008, but it could have been left with just Rs 200 crore of maturable fixed deposits by the time IT firm's founder Ramalinga Raju revealed financial fraud on January 7.
Asking the government not to use taxpayers money to bail out scam-struck Satyam, the CPI(M) on Friday demanded confiscation of about 17,500 acres of land, given to it and two Maytas companies by the Andhra Pradesh government, to pay for the salaries of its 53,000 employees.
He also said that there was a need to assure investors that this was a one-off case.
In an economic downturn such as this, when the markets have crashed, there are many more Satyams which are vulnerable to hostile takeovers because the promoters do not have a controlling stake. Such promoters will be tempted to take cash out of their companies and park it elsewhere.
The consortia include algorithm and system integration providers.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
Hearing the Central Bureau of Investigation plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak Verma on Tuesday cancelled the bails and asked all six persons to surrender by November 8.
The jury members included Ashish Dhawan, senior managing director, ChrysCapital, Keki Dadiseth, managing director, Omnicom, Kiran Mazumdar Shaw, chairman and managing director, Biocon, Kumar Mangalam Birla, chairman and managing director, Aditya Birla Group and S Ramadorai, chief executive, TCS.
The government is awaiting reports from the ED and the US agency before deciding whether or not accounts of the Ramalinga Raju family-promoted Maytas firms need restating.
Satyam Computer Services has reported a 32.4% in consolidated net profit at Rs 176.86 crore
A local court on Friday adjourned the case of examination of former Chairman of Satyam Computers B Ramalinga Raju through a questionnaire and nine other accused in the multi-crore accounting fraud in the IT firm to July 26.
In connection with the multi-billion dollar Satyam scam, the US auditing watchdog has barred from public practice two Indian auditors associated with the IT firm's former auditor PriceWaterhouseCoopers.
Almost 18 months after acquiring scam-hit Satyam Computer Services, the new management has come out with a clean balance sheet.
Satyam Computer Services, India's fourth largest software services exporter, reported a quarterly profit of Rs 116 crore (Rs 1.16 billion) on Thursday.\n\n\n\n
The case relating to hearing of framing of charges was pending in the XIV additional chief metropolitan magistrate as defence counsels had urged the court to hand over the documents relating to supplementary charge-sheet after its physical verification with original documents.
Satyam Computer Services posted 37.11 per cent increase in profit after tax on Friday at Rs 397.50 crore (Rs 3.97 billion) for the quarter ended March 31, as compared to Rs 289.90 crore (Rs 2.89 billion) for the same quarter last year.
By contrast, the fraud enabled Raju's kin and aides to make hundreds of crores, charges CBI.
The XXI additional chief metropolitan magistrate court allowed the petition of G Rama Krishna, accused No. 7 in the case, and directed the superintendent of Chanchalguda Central Prison to provide him a computer.
The firm had an outstanding loan of Rs 200 crore (Rs 2 billion) at the beginning of 2009 and it availed fresh loans of Rs 369 crore in the first quarter. However, it also repaid Rs 100 crore (Rs 1 billion) of loan, Satyam said in a regulatory filing to the stock exchanges.
Top officials of the Central Bureau of Investigation are in Mauritius as part of the investigation into the multi-crore Satyam scam, which its founder B Ramalinga Raju confessed to in January.
Satyam Computer Services, India's fourth-largest software services exporter, said on Thursday quarterly profit fell 2.2 per cent, below market expectations
The seven-year deal will enable integration of support functions and build best-in-class organisational processes for the bank.
Of the 10 accused in the case, B Suryanarayana Raju, who is Raju's brother, and T Srinivas, a former auditor of PricewaterhouseCoopers, had been granted bail by different courts earlier.
The new chief executive officer of the scandal-hit Satyam Computer Services, AS Murty, has asked the company's employees (associates as they are called) to reduce, avoid or defer operational expenses wherever and whenever possible "to keep the company's business running smoothly and competing effectively in the market for new business".
Bankers of scam-tainted Satyam Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality. India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
New Companies Bill to propose equal responsibility of auditors, firms.
The Andhra Pradesh government on Wednesday assured the state high court that it will extend all the necessary cooperation to the Central Bureau of Investigation in conducting the probe in to the massive Satyam fraud.
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