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.
The edtech major promised a learning revolution, offering hope to millions of under-educated youth. Now, those dreams are shattered, observes Devangshu Datta.
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
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 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.
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, India's fourth-largest software services exporter, said on Thursday quarterly profit fell 2.2 per cent, below market expectations
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.
The seven-year deal will enable integration of support functions and build best-in-class organisational processes for the bank.
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.
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".
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.
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
Global IT consulting and professional services major, Satyam on Monday announced its tie-up with Hungary's premier science and IT institute MTA Sztaki.
Satyam Computer Services expects to boost its headcount to 3,000 in China, where it plans to open its fourth development centre, and is also looking at acquisitions in Japan.
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.
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
New Companies Bill to propose equal responsibility of auditors, firms.
Two more directors on Monday resigned from the board of Satyam Computer Services, taking the number to three, following differences over an abortive acquisition deal involving two firms promoted by chairman Ramalinga Raju's family.
Guntu Kaaram doesn't deliver on its basic promise: Entertainment, sighs Mayur Sanap.
A US Securities and Exchange Commission team is in India to probe the multi-crore rupee accounting fraud at NYSE-listed Satyam Computer and is taking the help of local agencies to this end.
Satyam Computer Services on Friday received approval from market regulator Securities and Exchange Board of India to facilitate a global competitive bidding process enabling it to sell 51 per cent stake in the company to a strategic investor.
Earlier this month, the corporate affairs ministry had written to various ministries including telecom, railways and steel seeking directions for public sector units under their administrative control for exempting Satyam from submitting audited balance sheets while bidding for projects of the state-owned firms.
Terming the newly constituted board of Satyam Computer as "able", former Sebi chairman M Damodaran today expressed the confidence that the new leadership will chalk out ways to tide over the crisis.
Swinging into action on the very first day of taking charge of the scam-tainted Satyam, its three-member board on Monday announced that top management would be changed and every effort made to address the prime concern of liquidity, including asking main clients to make advance payments.
Both Raju and Gelli symbolised the so-called 'Telugu pride' in the corporate world and were considered visionaries in their respective fields of operation. They were heralded as institution-builders, but in the end their fall too was equally swift due to a set of financial frauds. Incidentally, PricewaterhouseCoopers was the auditors of both the institutions.
The National Association of Software and Services Companies, the apex body of the IT-BPO industry in India, on Wednesday expressed shock at the disclosures made by Satyam Computer Services chairman B Ramalinga Raju.
The holding is expected to come down further as the promoters has pledged the entire holdings over a period of time since September 2006. More institutional lenders are expected to exercise their option of selling the pledged shares to cover margin calls.
Satyam Computer on Monday sank deeper into a crisis with two more directors quitting the board and the company announced that lenders were possibly selling promoters' equity that is entirely pledged with them.
Three days after the World Bank decided to ban it for eight years, Satyam Computer Services today hit back and demanded an apology from the bank for "certain inappropriate statements" made by its representatives.
The XIV Additional Chief Metropolitan Magistrate on Wednesday reserved the order on the bail petitions of former Satyam chairman B Ramalinga Raju, his brother Rama Raju and ex-CFO Vadlamani Srinivas for April 25.
Satyam Computer Services on Wednesday announced that it is not going ahead with its proposed acquisition of Maytas Properties and Maytas Infra, in light of the feedback received from the Investor community.
Satyam Computer Services' consolidated net profit under Indian GAAP has surged 39 per cent to Rs 711.64 crore (Rs 7.1164 billion) for the year ended March 31, 2005 as compared to Rs 513.38 crore (Rs 5.1338 billion) for the year ended March 31, 2004.
