Broadening the ambit of probe into the country's biggest corporate fraud at Satyam, the Income-Tax department has formed a two-member team to assist the Central Bureau of Investigation (CBI), besides carrying out a parallel inquiry into alleged tax violations.
The country's biggest ever corporate scam, currently being probed by the Serious Fraud Investigation Office in Hyderabad, is expected to be discussed in the Rajya Sabha on Tuesday, corporate affairs minister Prem Chand Gupta told PTI. Gupta said the government is open to all options in the case.
The regulator said the amendment to the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, provides for 'relaxation from the strict compliance of provisions of Chapter-III in certain cases.' Chapter-III deals with mandatory open offer if an entity acquires 15 per cent stake in a company, as also for acquisition or change of control of the company, among others.
While some industry observers said it's good for the company, others dismissed him as an interim arrangement before the government-appointed board finally sells out the company. In an email interview to Business Standard, A S Murty details his course of action.
Market regulator SEBI on Tuesday said it will be able to take action against the culprits in Satyam accounting fraud case in the next one year.
The team comprising advisors and inspectors from SFIO has gone to assist the officials of the Hyderabad registrar of companies, which is at present conducting investigations. Minister of corporate affairs Prem Chand Gupta had on Wednesday directed the RoC Hyderabad to look into the Satyam issue and submit a preliminary investigation report by January 14.
Satyam Computers founder and chairman Ramalinga Raju has resigned from the company.The company's managing director B Rama Raju has also resigned.
Leading IT services firm Satyam Computer Services will be allotted 50 acres of land in Chennai by the Tamil Nadu government for expanding its operations.
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.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
It alloted 6000 non-convertible debentures of face value of Rs 10 lakh
The board had earlier said that the bidder will be announced on April 9.
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
IT major Satyam Computer Services Ltd on Monday said it would consider bonus issue and financial results for the quarter and year ended March 31 on April 21.
There were also reports that the board might opt for an open bidding process, which will bring in the much-required funds into the company. The board will also insist that only companies with a good track record can bid for the company. However, this could not be confirmed.
The maximum size of the offering is 3 crore equity shares
Market looks at a share swap ratio of 1:8
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Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
ICAI starts proceedings against software firm's CFO and head of audit cell.
The NSE Nifty finished with a gain of 180 points at 5,317. The BSE market breadth was bearish - out of 2,795 scrips traded, 1,606 declined.
The NSE Nifty finished with a gain of 180 points at 5,317. The BSE market breadth was bearish - out of 2,795 scrips traded, 1,606 declined.
Stressing a coordinated mechanism between the central agencies and departments like Securities and Exchange Board of India and the Serious Fraud Investigation Office, the Andhra Pradesh chief minister said the scope of probe underway by the state government included Satyam's connection with the Maytas firms.
Satyam has posted a profit after tax and extraordinary items of Rs 140.84 crore for the fourth quarter when compared with a loss (after tax and extraordinary items) of Rs 35.91 crore for the quarter ended March 31, 2003.
There are huge investments from all parts of Europe and the US, and the investors are not looking at this as a red flag.
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IT major Satyam Computer Services Ltd on Friday posted a 28.56 per cent increase in profit after tax at Rs 322.34
Satyam Computer Services Ltd on Friday posted a 35.96 per cent rise in net profit at Rs 289.90 crore (Rs 2.9 billion)
Except for Satyam Computers, attrition rate went higher at Infosys, TCS and Wipro from both the previous quarter as well as the year-ago period.
The colsolidated net profit of the company was down by 8 per cent.
"We have asked the RoC to look into the matter, get the information from the company and inform us within three weeks as to what is the factual story. Only when we have the information can the government do anything," Union Corporate Affairs Minister Prem Chand Gupta said in New Delhi pm Saturday.
Leading IT services company Satyam Computer Services on Friday posted a 74.75 per cent increase in profit after tax at Rs 360.09 crore (Rs 3.60 billion) for the quarter ended June 30
The Special Investigation Team investigating the Lakhimpur violence case has filed a chargesheet on Monday in which one accused was added taking the tally of arrested accused to 14.
Satyam Computer Services Ltd on Friday posted a 182.10 per cent jump in net profit to Rs 493.07 crore (Rs 4.93 billion) for the quarter ended December 31, 2005, as compared to Rs 174.78 crore (Rs 1.74 billion) for the corresponding quarter in previou
According to a release issued to the Bombay Stock Exchange on Thursday, the company's total income increased to Rs 909.59 crore (Rs 9.09 billion) from Rs 696.21 crore (Rs 6.96 billion) in Q3 FY04.
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