Satyam Computer Services Ltd was beset by selling as a drop in Q3 net profit set concerns about the entire tech sector.
Head of investor relations T A N Murti allegedly indulged in insider trading during the sacm.
Satyam Computer has been under sustained selling pressure ahead of the announcement of its quarterly results next week, especially after the dismal performance of tech majors like Infosys Technologies and Wipro. \n\n\n\n
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
The Satyam case is unprecedented in the sense it highlights how a sluggish judicial process has thwarted the efforts of a government authority to attach financial assets of a scam-tainted corporate entity, says Paranjoy Guha Thakurta.
A local civil court in Hyderabad has issued an interim stay restraining Netflix from airing its web series Bad Boy Billionaires-India on a petition filed by B Ramalinga Raju who was convicted in the multi-crore accounting scandal of Satyam Computer Services Limited. The XXV Additional Chief Judge B Prathima, while issuing notices to Netflix Inc in USA, Netflix Entertainment Services India LLP and the nodal officer, department of electronics and information technology, posted the matter for further hearing on November 18 when the plea came up on Tuesday.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
Dow Jones Indexes, a leading global index provider, has removed scandal-hit Satyam Computer from its 'Dow Jones India Titans 30 Index' and replaced it by Axis Bank.
According to sources, engineering major L&T had also put in its bid to acquire control of the Hyderabad-based company, while Cognizant has not put in a bid.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
CallHealth is promoted by Sandhya Raju, the daughter-in-law of B Ramalinga Raju, founder of the scam-hit Satyam Computers.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
A senior finance ministry official said, on the condition of anonymity, that the top echelons of the government tried to convince the Central Board of Direct Taxes (CBDT) for a sympathetic consideration of the company's plea in the case pertaining to the income of the erstwhile Satyam Computer Services Ltd (SCSL) from abroad.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
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.
The litigation relates to the 2009 accounting fraud at Satyam Computer.
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.
In response to the petition, the XIV Additional Chief Metropolitan Magistrate court in Hyderabad directed the authorities of Chanchalguda jail, where former Satyam Computer Chairman Raju and the other five accused are being held, to give their views.
The hearing on framing of charges against ten accused in Satyam Computers multi-crore accounting scam was deferred to August 31.
The legal noose has been tightening around the disgraced founder of Satyam Computers, B Ramalinga Raju, for nearly 22 months since he admitted in January last year to fudging the company's accounts to the tune of Rs 7,200 crore (Rs 72 billion).
Mahindra Satyam (formerly Satyam Computer) on Wednesday reported a consolidated loss of Rs 124.60 crore for the year ended March 2010.
A Supreme Court ruling that termed narco and polygraph tests on accused persons "illegal and a violation of fundamental rights" if conducted without their consent could turn out to be a boon for B Ramalinga Raju.
The 200-page supplementary cited 1,549 additional documents, 301 more witnesses and nine material objects. The CBI filed the first chargesheet on April 7.
Deloitee is also the statutory auditor for Tech Mahindra, which acquired Satyam Computer through an open bid in April this year.
Corporate Affairs Minister Salman Khurshid on Tuesday said there is no cause for worry about the possibility of US market regulator SEC slapping a penalty on Mahindra Satyam, related to the multi-crore fraud at the erstwhile Satyam Computer.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
Tainted chairman of Satyam Computers B Ramalinga Raju and five others were chargesheeted by the Central Bureau of Investigation (CBI) on Thursday for allegedly filing false income tax returns resulting in a loss of Rs 126.57 crore (Rs 1.26 billion) to the company and shareholders.
Things went from bad to worse since December 2008 for people who purchased bungalows, villas and apartments at Maytas Hill County, promoted by Maytas Properties Limited (MPL) -- the company run by B Rama Raju (Jr), the younger son of Satyam Computer Services founder and former chairman B Ramalinga Raju.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
A local court on Thursday dismissed the petition filed by Satyam Computers former MD Rama Raju and its ex-CFO Vadlamani Srinivas, seeking permission to use laptops in jail.
Four nominee directors of Tech Mahindra, including its chief executive officer Vineet Nayyar, on Wednesday joined the board of the embattled IT firm Satyam Computer.
The government had removed all directors related to the Raju family from the board of Satyam before it was handed to the Mahindra group.
PriceWaterhouse on Wednesday said its Bangalore unit audited the accounts of scam-hit Satyam Computer and was now cooperating with a probe by regulator SEBI, thus quashing reports that it was distancing itself from the multi-crore accounting fraud.
Quoting Jacob Rees-Mogg, the lead manager with Somerset capital management, a fund that specialises in emerging markets, NYT said, "[T]he fraud will make people even more nervous about investing in India and other developing markets". Meanwhile, the Wall Street Journal said, "[T]he chairman of one of India's largest technology companies said he concocted key financial results, . . . sending shock waves across India".
Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company." This is the third high-profile departure of a Satyam global head since January.
The Finance Ministry is evaluating options of conducting a special audit of scam-tainted IT firm Satyam Computer's accounts to ascertain the company's tax liability.
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