In an hour-long chat on rediff.com on Monday, Ganesh Natarajan, chairman of National Association of Software and Service Companies, replied to many queries on the Satyam scam.
Sources said that RoC Hyderabad submitted its report on Monday night to minister of corporate affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office. The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.
Andhra Pradesh Chief Minister Y S Rajasekhara Reddy on Sunday said that there was no obstacle in any law enforcing agencies, including CBI, inquiring into the Satyam fraud despite CB-CID registering a case.
The minister also said that we should not paint the entire private sector companies as villains because of one bad firm. He said that the government will take steps to restore investor confidence, but did not elaborate on the issue.
Terming the Satyam debacle as a 'black-eye',co-chairman of the country's second largest software firm, Infosys, Nandan Nilekani said on Thursday that is a setback to India's flagship IT sector. Talking about the fallout of the incident, Nilekani said, "Investors who have been shocked by this episode will obviously look for company numbers. We believe that the more data you share with the investors the better it is."
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
Andhra Pradesh chief minister Y S Rajasekhara Reddy said on Wednesday he was not aware of the details of the Satyam Computer financial fraud, and would take appropriate action after studying the case. Reddy was in New Delhi for a meeting with Planning Commission deputy chairman Montek Singh Ahluwalia.
It is unfortunate that Corporate India's image should be dented in this fashion; but it would be even more unfortunate if the Satyam case did not lead to a more careful scrutiny of what exactly goes on in Corporate India.
Even as most of the 50,000-odd employees at Satyam Computer Services remain concerned about job and pay cuts, 250 to 300 employees working on the Merrill Lynch project have accepted an offer from Bank of America (BofA), the bank that bought the sub-prime meltdown-hit investment bank in September last year.
Better growth is coming from outside the US - such as Canada, Australia, West Asia, China and APAC (Asia Pacific). Moreover, these are also becoming good delivery centres given the unique nature of these geographies, says Ram Mynampati.
'Asha atya remains down-to-earth and frank.' 'If she likes something, she will tell you to your face.' 'Ditto, if she doesn't.' 'She is full of life and energy, I have never seen her brood.'
Perhaps India did need a blow-out on a scale like Satyam to bring home the painful reality of the generally rotten state of corporate governance and the vicious promoter-politician nexus endemic across different sectors of the economy, says Arvind Singhal.
Kotak Mahindra Group MD Uday Kotak on Friday said it will be tough for stock exchanges to decide whether to stop trading in the Satyam scrip, which has fallen by over 95 per cent in a matter of two days' trading on the NSE.
A court in Lakhimpur Kheri on Tuesday framed charges against Ashish Mishra and 13 others in connection with the October 2021 violence in Lakhimpur Kheri's Tikunia in which four farmers were killed.
The euphoria over the Rs 181 crore (Rs 1.81 billion) net profit in October-December 2008 notwithstanding, Satyam is still not out of the woods as it faces legal and other claims that could put a burden of up to Rs 10,000 crore (Rs 100 billion) on it.
Dismissing the petitions of former Price Waterhouse auditors -- S Gopalkrishnan and Talluri Srinivas who sought defreezing of their bank accounts, special judge BVLN Chakravarti considered CBI's contention that further investigations is pending in the case at this stage.
The company expects the division to add double-digit growth to the company's top line during the current financial year, he said.
Andhra Pradesh High court on Monday reserved orders on the bail petition filed by B Ramalinga Raju, the prime accused in multi-crore Satyam Computers accounting scam.
Satyam Infoway Limited, an Internet, network and e-commerce services company, announced on Tuesday that it has completed the change of its name to Sify Limited.
The state government allotted 50 acres of land near Visakhapatnam to Satyam Computer in December 2008 at a concessional rate of Rs 10 lakh.
"The company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the company's accounting records do not necessarily shed light on the present financial position and liabilities of the company."
The Satyam saga, which rattled India over five-and-a-half years ago as its biggest corporate fraud, has turned out to be a case of financial mis-statements to the tune of approximately Rs 12,320 crore, as per Sebi's probe.
A bench headed by Chief Justice K G Balakrishnan directed Talluri to furnish a personal bond of Rs 20 lakh (Rs 2 million) and two sureties of like amount.
Tech M's priorities include retaining current customers, winning back business lost as a result of the crisis, retaining key associates, winning new businesses and exploring the best ways to realise operational and structural synergies between the two companies. On the possibility of layoffs and cost-cutting, Vineet Nayyar, Tech Mahindra's vice-chairman and MD, said, "I can't say anything. The company has to be viable and we will work at it. Layoffs will be the last option."
The ICAI president said that the auditors would be interrogated mainly on accounting and auditing aspects and to check whether they followed the right methods of accounting. The Institute of Chartered Accountants of India has obtained permission from a local court to interrogate the two auditors and examine and record their statements.
Last week, the 20-hectare zone had got embroiled in a controversy amid reports that the state government was taking back the land. This was after allegations that the land was allotted in an unfair manner. But Chief Minister Rajasekhara Reddy said the government would not cancel the allocation as the company was "sound."
Asked if action will be taken against PwC, which audited Satyam accounts, he said, "This is not our business. Our business is to make accounting standards, it is for other regulators (to see)that they are adequately applied." The foundation is the oversight committee of the International Accounting Standards Board which frames the global standards.
Satyam Computer chairman B Ramalinga Raju can face seven years' imprisonment in addition to monetary penalties for forging accounts, breach of trust and misappropriating funds.
Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
The court also decided to hear the bail pleas of four of the accused.
Broadening the ambit of probe into the country's biggest corporate fraud at Satyam, the Income-Tax department has formed a two-member team to assist the Central Bureau of Investigation (CBI), besides carrying out a parallel inquiry into alleged tax violations.
The country's biggest ever corporate scam, currently being probed by the Serious Fraud Investigation Office in Hyderabad, is expected to be discussed in the Rajya Sabha on Tuesday, corporate affairs minister Prem Chand Gupta told PTI. Gupta said the government is open to all options in the case.
The regulator said the amendment to the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, provides for 'relaxation from the strict compliance of provisions of Chapter-III in certain cases.' Chapter-III deals with mandatory open offer if an entity acquires 15 per cent stake in a company, as also for acquisition or change of control of the company, among others.
While some industry observers said it's good for the company, others dismissed him as an interim arrangement before the government-appointed board finally sells out the company. In an email interview to Business Standard, A S Murty details his course of action.
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.
The team comprising advisors and inspectors from SFIO has gone to assist the officials of the Hyderabad registrar of companies, which is at present conducting investigations. Minister of corporate affairs Prem Chand Gupta had on Wednesday directed the RoC Hyderabad to look into the Satyam issue and submit a preliminary investigation report by January 14.
Satyam Computers founder and chairman Ramalinga Raju has resigned from the company.The company's managing director B Rama Raju has also resigned.
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