PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
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.
Mahindra Satyam chairman Vineet Nayer said they would stick to the June 30-deadline set by the Company Law Board to submit the restated accounts.
The counsel for Mahindra Satyam, told the court that the CBI has locked both the premises eversince it took over the investigations into the case in February last year.
The special court for economic offences here today posted six cases filed by the Serious Fraud Investigation Office (SFIO) against former directors of Satyam Computer Services Ltd in the multi-crore accounting scam to April 29 and the remaining one case to April 21.
These include B K Modi's Spice, Larsen & Toubro and Tech Mahindra. iGate, which had participated in the first round of bidding, backed out from completing the second round. Global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors.
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.
There are three Price Waterhouse firms and four Price Waterhouse & Co firms in PriceWaterhousCoopers' network of firms in India. Each firm is a separate partnership firm, with a maximum of 20 partners each, with head offices in the cities in which they are registered. Each of these is registered with ICAI. The Pricewater House registered in Bangalore had audited Satyam.
To outsource work; priority on actively-traded, listed companies.
The state government allotted 50 acres of land near Visakhapatnam to Satyam Computer in December 2008 at a concessional rate of Rs 10 lakh.
Satyam on Thursday closed registrations for potential bidders as it began a process to sell 51 per cent stake in the company, which is caught in the country's biggest corporate scandal. The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
The court also adjourned the hearing of other cases filed by the CBI and the Enforcement Directorate against the fraud-hit software major to the same date. Mahindra Satyam, in its petition filed on February 15, requested the court to order the CBI to release documents and data storage devices sized by the Central agency and State CID (initial investigator of the case) during searches last year.
Besides the Raju brothers, the CBI would be quizzing Satyam's former CFO Vadlamani Srinivas and audit house Price Waterhouse's partners S Gopalakrishnan and Talluri Srinivas in connection with the Rs 7,800 crore (Rs 78-billion)accounting fraud at Satyam Computer.
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.
India's scandal-hit Satyam Computer Services is to invite formal bids from potential suitors this week, pushing ahead with a possible sale - even though it could be months before its accounts are restated.
Satyam Computer Services (rebranded as Mahindra Satyam) has recovered 32 clients of Satyam since May. The company has close to 420 clients at present -- down from the approximately 500 clients it had before takeover.
As the company's financial accounts were in question, complexities have cropped up in arranging the induction of a new investor. Though the intent was to progress in a swift manner, the board was of the view that the intricacies of diligence and need for the confidentiality of the bidders would need due consideration. Thus, it was likely to take another six to eight weeks to know who would be the strategic investor in the company.
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.
Disgraced Satyam Computers founder B Ramalinga Raju, the prime accused in the multi-crore financial fraud in the IT firm, on Thursday moved the Supreme Court pleading that he be released on bail.
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.
The special court trying the multi-crore Satyam scam cases had last week ordered the Nizam's Institute of Medical Sciences director to file a detailed report on the current status of Raju's health (the prime accused in the scam), after he did not appear before it in view of his treatment for Hepatitis C at the hospital in Hyderabad.
Different investigating agencies -- Securities and Exchange Board of India, Registrar of Companies and Serious Fraud Investigation Office -- are looking into the fraud and 'I assure you that those found guilty would be meted out severe punishment.'
This second report is expected to go deeper into the matter and look at all new facts that may have come up.
Board, audit panel to meet on September 4.
Cisco and Satyam had entered into a joint venture in 2007 to focus on healthcare management solutions. As a part of this announcement, Cisco had also lined up an additional investment of $100 million, targeting innovation.
Satyam Computer Services Limited has been awarded new business in the manufacturing space by a fire suppression technologies and advanced building support systems major.
In a letter to the Prime Minister, Reddy said though the CB-CID had been in constant touch with other investigating agencies, there were issues that needed to be looked into by central government organisations such as the Income Tax department, Enforcement Directorate, Registrar of Companies, Ministry of Company Affairs, Serious Fraud Investigation Office and the Securities and Exchange Board of India.
The Satyam Computer Services scandal, which broke out on January 7 when the company's promoter, B Ramalinga Raju, announced that there was a Rs 7,800-crore (Rs 78-billion) hole in its deposits, is certain to have made it worse. According to the 2009 Edelman Trust Barometer, as much as 49 per cent of the respondents (all drawn from the top ten per cent income bracket) expressed growing concerns about business in India.
Satyam Computer's tainted founder B Ramalinga Raju on Wednesday secured bail from the Andhra Pradesh high court, over 17 months after his arrest on charges of allegedly fudging the IT company's accounts.
Showing clear signs of quicker recovery from the current crisis, the scam-devastated Satyam Computer Services has been awarded a fixed bid project on data modelling by a leading provider of healthcare solutions by diagnostic, treatment and preventative care.
Senior Bharatiya Janata Party leader L K Advani has demanded setting an inquiry commission to go in to the failure of various government agencies leading to the terrorist attack of Mumbai and a judicial inquiry in to the "political dimension" of country's biggest corporate fraud in Satyam Computers.
The Satyam Computer Services board is expected to induct former managing director of Tata Chemicals Homi R Khusrokhan on the company's board of directors as Executive Director and former chief financial officer of Murugappa group Partho S Datta as Director (Finance).
The meeting of the six-member Satyam Board, which started in Hyderabad on Wednesday, has been extended till Thrusday.
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
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.
The Corporate Affairs Minister Salman Khurshid said on Friday investigations into the multi-crore accounting fraud in Satyam Computers is almost complete and a final report from the Enforcement Directorate and the Internal Revenue Services is awaited.
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.
The Securities and Exchange Board of India is expected to take up two critical issues at a board meeting scheduled February 2
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.
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