The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
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 former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Satyam Computer Services Ltd allotted 600 equity shares under a stock option plan.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
The XXI additional chief metropolitan magistrate BVLN Chakravarti after dismissing the petitions of the accused seeking discharge from the case, personally inquired if the accused committed the crime.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
"After Ramalinga Raju made his confession, we encouraged our leaders to meet with their teams hourly and then several times a day," says Ed Cohen.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
Raju, the prime accused in the accounting scam in the IT firm, made his fifth appearance in the XXI Additional Chief Metropolitan Magistrate court, after he got bail from the Andhra Pradesh high court.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
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.
Prime accused B Ramalinga Raju has been avoiding court proceedings since September citing health reasons.
Restated numbers are better than the Street's expectations.
In a discussion with Business Standard, Murthy shares the roadmap ahead.
The Supreme Court ruling rejecting the legality of narcoanalysis, brain mapping and polygraph tests if they are done without the consent of suspects, could bring reprieve for Satyam Computer Services founder B Ramalinga Raju and two of his associates.
Mahindra Satyam still has to face 13 Class Action Law suits filed in the US. Analysts peg the cash outflow for these cases to be around $100 million. Satyam also has to get large marquee outsourcing deals, and is yet to restate its accounts which will give investors a good picture of where the company stands.
Satyam Computer Services Ltd said Giga Information Group named it 'Top choice for SAP support' among offshore service providers.
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.
Accountancy regulator ICAI on Wednesday agreed to withdraw disciplinary proceedings against audit firm Price Waterhouse Delhi for its alleged involvement in the multi-crore scam in Satyam Computer Services.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
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.
Key leadership hiring in different pockets -- a few from other companies -- to beef up the company's sales efforts is currently on.
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Employees of Mahindra Satyam, the erstwhile Satyam Computer Services, say they are not worried about the financials of the company. Last week, Mahindra Satyam reported an aggregate loss of Rs 8,300 crore (Rs 83 billion) for 2008-09 and 2009-10.
Larsen & Toubro (L&T), the technology, engineering, construction and manufacturing company, has scaled down its stake in Mahindra Satyam, the erstwhile Satyam Computer Services, to a little over two per cent.
Almost 18 months after acquiring scam-hit Satyam Computer Services, the new management has come out with a clean balance sheet.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
The probe agency has challenged the high court decision contending that Raju, who was the Chairman of the company, may influence the witnesses majority of whom are his former employees.
Three days after announcing the reinstatement of the variable portion of staff salaries, Mahindra Satyam (earlier, Satyam Computer Services) has begun re-introducing other benefits, including employee stock option plans (ESOPs), beside giving promotions and salary hikes across different bands (grades).Mahindra Satyam, now treading a recovery path after it was hit by a big scandal involving its top management, had withdrawn variable pay in April this year.
Satyam, which incorporated its sports division in 2007, will offer value-in-kind.
Mahindra Satyam's Gurnani to be CEO after Tech M integration.
Raju, prime accused in the Satyam fraud, who is suffering from Hepatitis-C is currently undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad, and has not been attending court proceedings since September last year citing health reasons initially the heart ailment and later the hepatic ailment.
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
It directed the Chanchalguda jail authorities to produce him before the court on December 30. The court had earlier issued summons to Raju, former managing director B Rama Raju and former chief financial officer Srinivas Vadlamani for examination on Thursday.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
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