A 23-year-old employee of scam-ravaged Satyam Computers allegedly committed suicide in Chennai, apparently fearing that he may lose his job, police said.
T R Prasad, former cabinet secretary and ex-independent director of scandal-hit Satyam Computer Services on Wednesday said, he is in Delhi at present and is ready for interrogation by any investigative agency.
In an hour-long chat on rediff.com on Monday, Ganesh Natarajan, chairman of National Association of Software and Service Companies, replied to many queries on the Satyam scam.
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.
By giving himself over to the police, Satyam Computer's former chairman B Ramalinga Raju may have pre-empted an extradition to the United States, where several lawsuits have been filed against him, says a section of legal experts.
Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.
While warning that it may suspend Satyam shares if dealings were not advisable, New York Stock Exchange has said it may resume trading in the securities of Indian IT company on Monday if its assessment was found satisfactory.
"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG chief operating officer Richard Rekhy said on the sidelines of a CII function in New Delhi. It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.
The team first went to Raju's house for an inspection, but returned on finding it locked. It had earlier issued summons for him to appear before the team.
Scandal-hit Satyam Computer Services is likely to abandon its proposed IT park project in Gandhinagar in view of the multi-crore fraud in the Hyderabad-based software firm, Gujarat government officials said on Friday.
A Securities and Exchange Board of India (SEBI) team probing a financial fraud in Satyam Computer on Friday reached founder Ramaling Raju's house here, but returned as the premises was locked.
Satyam is likely to see its clients as well as employees deserting it soon due to the competitive wooing by rivals and top IT firms like Infosys would continue to shore up their market share, analysts at Forrester Research said in a report. "Many employees told Forrester that it's too early to comment, but they will weigh their options almost on a daily basis," they added.
For the whole world B Ramalinga Raju may be a villain, after the startling revelation of fraud in the company he founded, but for residents of his native village in West Godavari district, he is still a good Samaritan.
Though it's over 24 hours since the founder-chairman of Satyam Computer Services, B Ramlinga Raju, resigned after making shocking revelations, its employees (known as associates) are yet to come to terms with the reality.
Former economic affairs secretary E A S Sarma has written to the Securities and Exchange Board of India questioning the delay in investigating Satyam Computer even after he had alerted the regulator 'well in advance' about certain irregularities in the company's books of accounts after the Maytas deal was called off last month.
"I wrote nearly eight letters to Sebi alerting them about Satyam's fraudulent practices and the company's connivance with local politicians but none of the letters elicited any response from the regulator. Sebi remained silent about the issue even while I mentioned to them that MCA launched a fact-finding probe. But the fact is that the MCA probe too was very slow and only on paper," Sarma said.
Mendu Rammohan Rao, dean of the Indian School of Business (ISB) and an independent director on the board of Satyam Computer Services till recently, has quit the prestigious B-school, according to reports.
The official said that L&T did not jack up its stake in Satyam in recent times and the stake the group owns was acquired in phases from the secondary market. Speculations were rife that the engineering major might look at acquiring Satyam in order to strengthen its presence in the information and technology arena where it has presence through L&T Infotech, a wholly-owned subsidiary of the group.
In fact, the ministry of corporate affairs announced that role of directors and auditors at Satyam will be scanned by ICAI and the apex body of company secretaries.
The trading remains halted as of now in securities of Satyam in New York and Amsterdam exchanges, an NYSE Euronext spokesperson said in an e-mailed statement. On January 7, the New York Stock Exchange halted trading in Satyam Computer Services Ltd after Satyam stock plunged by over 90 per cent to $0.85 in pre-market trade in the US.
Indian shares listed on the American bourses settled mostly in the red, while Infosys defied the trend, after the New York Stock Exchange halted trading in Satyam Computer at its bourses.
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
Ruling out a government takeover of Satyam Computer Services, Commerce and Industry Minister Kamal Nath on said it is corporate India that must respond to the issue of governing business firms.
It took the man from Bhimavaram over two decades to become the posterboy of India's Information Technology industry and less than two weeks to turn into the rogue who personifies all that is defective with the country's outsourcing industry. The former entrepreneur icon's plans started falling apart when he tried to acquire two companies promoted by his family for $1.6 billion.
Andhra Pradesh chief minister Y S Rajasekhara Reddy said on Wednesday he was not aware of the details of the Satyam Computer financial fraud, and would take appropriate action after studying the case. Reddy was in New Delhi for a meeting with Planning Commission deputy chairman Montek Singh Ahluwalia.
I would say it was unwise, but not necessarily wicked. I suggest that Satyam was ill-served by its M&A investment bankers and lawyers regarding the public-relations backlash such a move would cause
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
Satyam Computer Services Ltd said on Monday it has signed a strategic partnership agreement with Denmark-based NNIT, a leading consultancy firm in IT operations.
There is a two-minute footage about Choksi in the series which allegedly shows him in a bad light and therefore, could affect the various proceedings against him in India.
If it is true that the company pursues wrong business practices, and violates ethical codes, then the only thing that will save the company is a thorough spring-cleaning -- which perhaps can be done only by a completely new management committed to the kind of ethical business practices emphasised in the same field of activity by companies like Wipro and Infosys.
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
Though the controversial Satyam-Maytas deal has been called off, regaining investor confidence will be an uphill task.
If implemented, this will be music to the ears of shareholders and analysts who have been insisting that Satyam would be better off returning money to shareholders.
The company's move to mollify shareholders comes after it raised investor ire on its proposed $1.6-billion acquisition deal, which had to be called off. After suffering a severe battering on Wednesday, Satyam shares surged 13.88 per cent to an intra-day high of Rs 180 on Thursday on the Bombay Stock Exchange.
December 16, 2008 is a day two high-profile corporate honchos from Andhra Pradesh will not forget in a hurry.
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.
On the conclusion of the mandatory open offer to shareholders of Satyam Computers, the new owner, Tech Mahindra, has a little over 42 per cent stake in the company, as against the original plan of acquiring a total of 51 per cent of the equity.
Satyam Computer Services, India's fourth-largest software services provider, today came under fire from institutional investors after the company announced its acquisition of two companies -- Maytas Infra and Maytas Properties--for $1.6 billion (around Rs 7,680 crore).
US Senate's rejection of a bailout package for auto firms to impact revenues. None of the IT firms give any break-up of the exposure to the auto industry, but analysts said TCS offers services to clients such as Chrysler, Ferrari and Nissan.
The board of directors of the company at its meeting on Monday day have approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement basis, Tech Mahindra said in a filing to the Bombay Stock Exchange.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances