Midas Touch Investors Associations will move the Supreme Court against the decision of the National Consumer Disputes Redressal Commission, which rejected its plea for compensation of Rs 4,987.5 crore
With the Rs 7,800-crore (Rs 78 billion) fraud at Satyam Computer leaving India's IT sector gasping for breath, Infosys chairman Nandan Nilekani sees the fiasco as a blessing in disguise, as it will make authorities enforce better regulations and auditing mechanisms for the industry.
BSE CEO M L Soneji said the exchange was investigating the trading data of Satyam. Highlighting lack of corporate governance, he said this was an opportunity to revisit regulations to make company directors more responsible and auditors more accountable.
A day before the second meeting of the new Satyam Computer Services board, newly-appointed director Tarun Das said the priority of the six-member team would be to protect the interest of employees, customers and investors.
Satyam Computer Services Ltd will set up a business continuity center in Singapore, its headquarters for Asia-Pacific Region. This would be the first such center outside India.
Leading accounting firm KPMG on Friday said the existing management of beleaguered Satyam Computer Services should go and the government take control of the company board to save the image of India Inc.
Satyam's chief financial officer Valdamani Srinivas on Thursday sent in his resignation, giving a blow to efforts to hold the top leadership team intact, even interim CEO Ram Mynampati said efforts were on to continue with the business as usual.
"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
Breaking his silence on the embarrassing developments over the last two weeks, Raju said in an open letter to employees that 'please be assured that the Board and the leadership team are doing everything that's possible to get Satyam back on track'.
Experts regretted that it has taken too long to deliver justice
The Securities Appellate Tribunal on Wednesday directed the Securities and Exchange Board of India (Sebi) to allow PW cross-examination of former key executives of Satyam - former chairman Ramalinga Raju, former managing director Rama Raju, former chief financial officer (CFO) Vadlamani Srinivas and former vice-president (finance) G Ramakrishna.
Satyam Computer Services Ltd has posted a net profit of Rs 121.49 crore for the quarter ended June 30, 2003 as compared to Rs 108.44 crore for the quarter ended June 30, 2002.
"Now if there is somebody who knows about the confession (and) wants to buy (or sell) at price 'X', should we as a regulator be coming in the way?" C B Bhave, chairman of Securities and Exchange Board of India, told PTI. His first reaction on receipt of Raju's e-mail was, however, that of disbelief.
Satyam Computer Services on Friday announced a consolidated net profit of Rs 580.85 crore (Rs 5.81 billion) for the second quarter ended September 30, a growth of 42 per cent over the corresponding period a year ago.
In the midst of the government-appointed Satyam board finalising the bidding norms for strategic sale, Corporate Affairs Minister P C Gupta on Wednesday said preference should be given to a good technology company or a reputed industrial house to take over the IT company.
Former Chief Financial Officer Vadlamani Srinivas has also filed a bail plea in the court.
Satyam Computer Services Ltd plans to expand its operations into smaller Chinese cities to meet the growing outsourcing requirements.
Even as Sebi officials are quizzing Satyam Computer founder B Ramalinga Raju and his brother Rama Raju at the Chanchalguda jail here, the Andhra Pradesh police are likely to make more arrests in the Rs 7,800-crore fraud involving the IT major.
In an interview, author and columnist Steve Hamm shared his thoughts on the Satyam episode, World Bank ban on Wipro et al.
The political consequences of exercising soft options in the Satyam scam would indeed cost the UPA government dearly. The YSR leadership being so close to the guilty group is something that also needs to be scrutinised. Another aspect that has received wider public disapproval is the Centre's reported plan to pump in around Rs 20 billion from public sector banks to bail out Satyam. The government's argument of saving some 50,000 'high-wage islanders' jobs by pumping pubic mon
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.
"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.
A Satyam employee attached to its Pune unit said on Thursday after the initial shock and disbelief, it was 'business as usual' on day two. The Satyam customers too addressed mails to the employees saying their 'partnership' will last through the tough times, being faced by the world's fourth biggest IT company.
Satyam founder Ramalinga Raju was honest at least about his dishonest dealings, with CBI finding that balance sheets were inflated by Rs 5,020 crore (Rs 50.20 billion) almost the same amount disclosed by the former IT posterboy.
The Central Bureau of Investigation will file its final chargesheet on Rs 14,000-crore (Rs 140 billion) Satyam fraud after receiving responses to the Letters of Rogatory (LoR) seeking information in this regard from six countries, Parliament was informed on Thursday.
Raising the issue in the Rajya Sabha, Leader of the Opposition Jaswant Singh made a demand for a probe by a House Committee into the Rs 7,800 crore (Rs 78 billion) fraud.
Satyam Computer Services has announced a 17.84 per cent jump in its January-March quarter profit after tax at Rs 468.45 crore. Satyam had reported a PAT of Rs 397.51 crore (Rs 3.97 billion) for the fourth quarter ended March 31, 2007. The stand-alone total income increased to Rs 2,337.84 crore (Rs 23.37 billion) for the quarter ended March 31, 2008 from Rs 1,778.40 crore (Rs 17.78 billion) in the year-ago period. The total dividend recommended for the year is 175 per cent.
Satyam may have been loaded with funds of over Rs 5,000 crore as on September 2008, but it could have been left with just Rs 200 crore of maturable fixed deposits by the time IT firm's founder Ramalinga Raju revealed financial fraud on January 7.
Asking the government not to use taxpayers money to bail out scam-struck Satyam, the CPI(M) on Friday demanded confiscation of about 17,500 acres of land, given to it and two Maytas companies by the Andhra Pradesh government, to pay for the salaries of its 53,000 employees.
He also said that there was a need to assure investors that this was a one-off case.
In an economic downturn such as this, when the markets have crashed, there are many more Satyams which are vulnerable to hostile takeovers because the promoters do not have a controlling stake. Such promoters will be tempted to take cash out of their companies and park it elsewhere.
The jury members included Ashish Dhawan, senior managing director, ChrysCapital, Keki Dadiseth, managing director, Omnicom, Kiran Mazumdar Shaw, chairman and managing director, Biocon, Kumar Mangalam Birla, chairman and managing director, Aditya Birla Group and S Ramadorai, chief executive, TCS.
The consortia include algorithm and system integration providers.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
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.
Satyam Computer Services has reported a 32.4% in consolidated net profit at Rs 176.86 crore
The government is awaiting reports from the ED and the US agency before deciding whether or not accounts of the Ramalinga Raju family-promoted Maytas firms need restating.
A local court on Friday adjourned the case of examination of former Chairman of Satyam Computers B Ramalinga Raju through a questionnaire and nine other accused in the multi-crore accounting fraud in the IT firm to July 26.
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