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.
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.
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."
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.
The court also decided to hear the bail pleas of four of the accused.
'I regret the years that I did not work. I took a break at the peak of my career. I should not have done that. You lose contact with people and to start all over again is a struggle.' Rajnigandha actress Vidya Sinha looks back at her life.
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.
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.
Asked about the specific damages sought in the lawsuit, law firm Vianale & Vianale LLP's counsel Keneth J Vianale said that the sum duped could be in hundreds of millions of dollars. After the scandal was revealed, trading in Satyam shares was halted by the NYSE on January 7 and the stock exchange has said that it is assessing whether the firm deserves to stay on the bourses.
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
It alloted 6000 non-convertible debentures of face value of Rs 10 lakh
Leading IT services firm Satyam Computer Services will be allotted 50 acres of land in Chennai by the Tamil Nadu government for expanding its operations.
The board had earlier said that the bidder will be announced on April 9.
There were also reports that the board might opt for an open bidding process, which will bring in the much-required funds into the company. The board will also insist that only companies with a good track record can bid for the company. However, this could not be confirmed.
IT major Satyam Computer Services Ltd on Monday said it would consider bonus issue and financial results for the quarter and year ended March 31 on April 21.
Market looks at a share swap ratio of 1:8
The maximum size of the offering is 3 crore equity shares
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
ICAI starts proceedings against software firm's CFO and head of audit cell.
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