The special court trying the Satyam scam cases on Tuesday posted the matter to June 4, on CBI's plea for examination of former chairman of Satyam Computers B Ramalinga Raju, through video conferencing in connection with the multi-crore financial fraud in the IT firm.
GramIT, rural business process outsourcing initiative of the Byrraju Foundation, is in talks with various funding agencies 'to expand the scope and presence of its rural BPO services,' said foundation's lead partner Verghese Jacob. Byrraju Foundation is the NGO outfit formed by Satyam Computer Services founder B Ramalinga Raju in his personal capacity.
Bharat Kumar, counsel for Ramalinga Raju, urged the court to grant the bail to his client on health ground and also to enable him to defend himself in various cases slapped against him by various investigating agencies including Securities and Exchange Board of India, Serious Fraud Investigation Office, Enforcement Directorate.
The announcement was made by Corporate Affairs Minister P C Gupta, whose ministry had earlier moved the Company Law Board to disband the erstwhile Satyam board after disclosure of fraud by company founder Ramalinga Raju
The Supreme Court on Tuesday has allowed market regulator Sebi to begin interrogation of Satyam Computer founder B Ramalinga Raju and his brother Rama Raju in connection with the Rs 7,800-crore (Rs 78 billion) accounting fraud in the IT company.
How many employees does Satyam Computer Services really have? Doubts over the company's claim of 53,000 employees have arisen ever since founder B Ramalinga Raju's January 7 confession to fraud.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
The 6th additional chief metropolitan magistrate rejected Sebi's plea for taking the Raju brothers into custody for a day and returned as 'not maintainable' the petition filed by SFIO seeking six days custody of Ramalinga and Satyam's former CFO Vadlamani Srinivas. The three were, meanwhile, sent to judicial remand till January 31.
Further, the market regulator has not got any request from the Satyam board asking for an extension to publish the financial results. However, Sebi will consider the request if they receive it, clarified Sebi Chairman C B Bhave who was briefing mediapersons after the Sebi board meeting.
The ambitious plans of another charity of the Satyam founder, the Health Management Research Institute, in partnership with the Andhra Pradesh government, are under scrutiny.
The complainant, C Anthony Lewis, has said that he had bought 500 shares of Satyam about three weeks prior to Raju admitting to manipulation in the company's accounts for showing higher profits, following which Satyam's share value dropped drastically.
Referring to the various infrastructure projects being executed by Maytas and its joint venture partners in the state, the chief minister said: "If we have genuine doubt about their capabilities, we will look at alternatives. If work can go without any problem, we will continue. We will only see that there is no risk to the government."
Fraud-hit IT outsourcing company Satyam Computer Services Limited (rebranded as Mahindra Satyam) is getting itself back on track, and inching closer towards acquiring the multi-million multi-year contracts it lost from Telstra and Merrill Lynch, according to a source close to the development.
Satyam founder Ramalinga Raju admitted to a Rs 7,800-crore (Rs 78-billion) fraud in the IT company on January 7, weeks after a bid to acquire the two Maytas firms failed. Raju said that he had been cooking the books for years and the Maytas acquisition bid was an attempt to fill fictitious assets with real ones.
As many as 120 questions have been put together by the experts and the CID team, which is trying ascertain if Satyam's founder Ramalinga Raju siphoned off the company's money through benami transactions. Sources in the CID said the questions were designed based on documents seized during raids at Raju's home and office on January 10 and 11. Raju, on January 7, disclosed that he had for years inflated Satyam's profits and created fictitious assets where none existed.
The 55-year-old prime accused in the multi-crore scam is suffering from Hepatitis-C and is undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad.
The petition was filed before a magistrate court here seeking permission for interrogating Raju, his brother Rama Raju and Satyam's former CFO Vadlamani Srinivas while they are in judicial custody. Raju's lawyer had earlier sought a day's time to file a counter petition, following which the court posted the matter for hearing on Friday. However, it has now been posted for hearing on January 19.
A week after B Ramalinga Raju, the promoter of Satyam Computer Services, confessed to manipulating the accounts for several years, Price Waterhouse, external auditors of the Hyderabad-based software services firm, said its audit report should not be relied upon.
The chartered accountants body ICAI on Tuesday constituted a six-member special committee to look into the auditing of crisis-hit Satyam Computer, whose disgraced founder chairman Ramalinga Raju has confessed to fudging accounts.
The three-member board of Satyam Computer Services outlined a formidable agenda that includes seeking a bailout, changes in the top management and asking clients to accelerate payments to overcome a cash crunch.
Days before B Ramalinga Raju admitted to fraud, a handful of financial services companies, including DSP Merrill Lynch, IL&FS Financial Services and Deutsche Bank's non-banking finance company, sold Satyam Computer Services shares pledged with them.
A detailed report of the medical tests conducted on former chairman of Satyam Computers B Ramalinga Raju, who was admitted to NIMS in Hyderabad, is likely to come out by this evening and would be communicated to Chanchalguda jail authorities, a senior NIMS doctor said.
Mahindra Satyam on Tuesday said it has reinstated the variable portion of salaries of employees, a move which indicates the revival of the once fraud-hit firm.
Satyam's disgraced founder, Ramalinga Raju was questioned by the police early on Saturday morning after overnight interrogation regarding the Rs 7,800 crore fraud, engineered by him in the company.
The Ramalinga Raju family promoted Maytas Infrastructure on Thursday said its chairman and non-executive director R C Sinha has tendered his resignation.
The difference, however, lies in Satyam over-stating its revenue, cash position and profits, while Maytas Infra under- stated its profit in April-June quarter and the discrepancies were 'duly accounted for' in the company's books later. While the role of auditors in Satyam fiasco is questionable as of now, it was statutory auditors of Maytas Infra who pointed out the under-statement in its books.
The company would hold a press conference in Hyderabad on Thursday to outline an action plan to address key concerns of various stakeholders, including customers, investors, employees and business partners.
Employees of Satyam Computer were in disarray following their Chairman B Ramalinga Raju's resignation after the firm admitted to financial wrong-doing, leaving the entire business world of the country shell-shocked.
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.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
Satyam Computer Services Ltd has appointed Ram Mynampati as the interim CEO.
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.
Satyam Computers' independent directors are mounting pressure on founder B Ramalinga Raju to reveal details of the controversial board meeting that proposed the acquisition of two promoter-related companies, after a director resigned yesterday owning moral responsibility.Directors want Satyam's founders to make public the minutes of the meeting at which around Rs 5,500 crore of the company's cash was proposed to be paid to acquire Maytas Infra and Maytas Properties.
An independent director on Satyam Computer's board is understood to have resigned days ahead of a scheduled meeting next week.
The accounts of scam-hit IT firm Satyam are in the process of being restated after Raju, its founder chairman, disclosed to fudging accounts for years.
Upaid claimed it had served requests for production of documents related to the 'now scuttled Maytas transfers on Satyam' on Friday, but now had to submit this motion to the court 'because Satyam had repeatedly resisted its efforts to depose Raju and Vadlamani in the case.' The current motion is in reply to a disparagement case that Satyam had filed against Upaid wherein the former had claimed that the payment services firm has been disparaging them in the public domain.
The crux of the problem it appears is one of "trust" and the perception that a unilateral decision was taken by the board, allegedly to favour Raju's sons' companies.
The CBI had, on April 25, appealed to the XIV additional chief metropolitan magistrate to allow the agency to conduct forensic tests on the trio as a step-in-aid in investigation.
Nearly 18 months after the Mahindra Group acquired Satyam Computer Services following the admission of fraud by the latter's then chairman B Ramalinga Raju, the new management of Mahindra Satyam surprised analysts while restating the company's financials for FY09 and FY10.
Satyam Case has not ended after court verdict, there's lot to unfold say insiders.
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