SATYAM CRISIS

  • New charges filed against Satyam's Raju, others January 7, 2010

    Bangalore: The Central Bureau of Investigation filed new charges against the founder of Satyam Computer Services Ltd and five others on Thursday over an accounting fraud that hit the software services company early last year. The Central Bureau of Investigation said it had filed a third charge sheet against...
  • Raju's sons move court to defreeze account May 26, 2009

    Hyderabad: The family of B Ramalinga Raju, the main accused in the multicrore fraud at Satyam Computer, has approached a local court seeking a direction to defreeze bank accounts and get back seized electronic items. In two separate petitions filed in the XIV Additional Chief Metropolitan Magistrate court by kins of...
  • No bail for Satyam auditors, trouble at Satyam BPO May 25, 2009

    Hyderabad: The bail pleas of former PriceWaterhouse parters S Gopalakrishnan and Talluri Srinivas, have been dismissed by a local court in Hyderabad. The duo, who audited the account books of scamtainted Satyam Computer were arrested after the multicrore rupee Satyam Computer accounting fraud was revealed. ...
  • Raju used 7,000 false invoices to fudge books: CBI April 27, 2009

    New Delhi: The financial fraud perpetrated by the founders of Satyam Computer Services was executed through a wellplanned accounting system that used as many as 7,561 fraudulent invoices worth Rs 5,117 crore to inflate the company's sales, the Central Bureau of Investigation (CBI) alleged on Monday. To perpetrate the fraud, the...
  • Tech Mahindra's open offer for Satyam opens June 12 April 22, 2009

    New Delhi: IT firm Tech Mahindra on Wednesday said its Rs 1,154.66crore open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009. In a public announcement made to the shareholders of Satyam Computer,...
  • We are victims of Satyam fraud: Price WaterHouse April 17, 2009

    New Delhi: Auditing firm Price WaterHouse today sought to distance its auditors from the multicrore rupees Satyam scam saying its partners, S Gopalkrishnan and Srinivas Talluri, were victims of the financial fraud at IT company. The auditing firm was reacting to the allegation made by SFIO that...
  • Regulator nod for Mahindra over Satyam buy April 16, 2009

    New Delhi: The Company Law Board on Thursday approved the strategic sale of Satyam Computer Services to Tech Mahindra, and directed the consideration of Rs.1,756 crore for a 31per cent stake be submitted by April 21. Tech Mahindra, which is acquiring Satyam through its subsidiary Venturbay, has also been allowed to...
  • Tech Mahindra raises $55 mln via comm paper April 15, 2009

    Mumbai: Software services group Tech Mahindra, which is waiting for regulatory approval to buy Satyam Computer Services, has raised $55 million via shortterm debt, two sources said. The oneyear commercial paper carries a coupon rate of 8.50 per cent, the sources were quoted by news agency Reuters as saying. Tech...
  • Who would have been Satyam's best fit? Experts debate April 13, 2009

    Tech Mahindra has won the bid for Satyam Computer Services. As Satyam's bidding process was gathering steam, experts analysed who would have been the best fit for Satyam. Who would have been the best fit? Senior Analyst at Forrester, Sudin Apte, believes that L&T would have been a...
  • Is Tech Mahindra best Satyam suitor? Experts react April 13, 2009

    Tech Mahindra finally emerged as the winner to take over crisisridden Satyam Computer Services. Reacting to the news of Tech Mahindra winning the Satyam bid, Som Mittal of industry body National Association of Software and Services Companies (NASSCOM) said the deal was synergistic for both companies. "All three bidders were...
  • Wilbur Ross confirms being in fray for Satyam April 2, 2009

    Wilbur Ross has confirmed exclusively to CNBCTV18 that he is in the race for Satyam bringing the total tally, that is known, to four, that is L&T, Tech Mahindra, WL Ross and IBM. Chairman and CEO WL Ross & Co, Wilbur Ross said, "We look at all the stress things that...
  • CBI moves court for lie detector test on Rajus March 25, 2009

    Hyderabad: The CBI on Tuesday approached the special court in Hyderabad for conducting a lie detector and other scientific tests on Satyam's former chairman B Ramalinga Raju and two others. In its plea before the XIV Additional Chief Metropolitan Magistrate here, the CBI said it...
  • Don't see Satyam as going forward: iGATE CEO March 16, 2009

    CEO of iGATE, Phaneesh Murthy stated that the company is less concerned about Satyam's margins and more on revenues. He feels there is a need to analyse impact of key customers exiting on Satyam's revenues. According to him, shareholder loss in Satyam could be around $100 million. However, he believes that...
  • Ernst & Young auditors starts Maytas evaluation February 25, 2009

    New Delhi: Global auditing major Ernst & Young (E&Y) on Wednesday said it had started work on evaluating Maytas Properties even before signing a formal engagement letter and the process was "much longer" than just one day. Besides, E&Y said, it followed the standard industry practice for property companies to be...
  • CBI team reaches Hyderabad to probe Satyam scam February 21, 2009

    New Delhi: A CBI team has arrived in Hyderabad to investigate the Satyam fraud. The team is meeting Andhra Pradesh CBI officials on Saturday and getting briefed on the investigations so far. The CBI has constituted a 15member team headed by DIG, Hyderabad V Lakshiminarayanan to probe the Satyam fraud....
  • Satyam buyer may face threeyear lockin: Report February 21, 2009

    Mumbai: Beleaguered software firm Satyam Computer Services' governmentappointed board is considering the option of imposing a threeyear lockin clause while making a preferential allotment to a strategic investor, a newspaper report said on Saturday. The aim was to discourage frivolous buyers, the report in Economic Times said. "One option is to have...
  • YSR's son rues Satyam related allegations February 20, 2009

    New Delhi: The big Satyam corporate scam is still in news especially with the Andhra Pradesh Chief Minister YSR Reddy and his son Jagan Reddy being dragged into the political blame game. Jagan is being accused of using his links with Satyam founder Ramlingam Raju to expand his empire. But...
  • Satyam suspends capex, to move staff to lowcost countries February 19, 2009

    CEO of Satyam Computer Services, A S Murty, wrote to the companys employees to announce a number of measures, in a bid to clamp down on costs. The tech firm has been reeling under an acute cash crunch after the admission of the Rs 7,800crore scam by its founder and erstwhile...
  • Government not to bail out Satyam: Pranab February 19, 2009

    New Delhi: The Government does not intend to bail out the scamhit Satyam Computer Services as the company has "adequate assets" and can bounce back if run professionally, Minister for External Affairs Pranab Mukherjee said on Thursday. "Let me make it clear that the Government has no intention to bail out...
  • Satyam scam rocks RS, Govt assures fair probe February 17, 2009

    Hyderabad: The Satyam Computer Services Ltd scandal rocked the Rajya Sabha on Tuesday with Members of Parliament asking the government what steps it was taking in the case. The Opposition MPs alleged that the Central Government was shielding the Satyam's founder and former chairman B Ramalinga Raju. Members also wanted to know...
  • SEBI announces takeover norms for distressed cos February 13, 2009

    The Securities and Exchange Board of India (SEBI) has relaxed the takeover norms for companies in special situations. One of these relaxations is that once the entity making the takeover offer makes its decision public, it will not have to battle competitive bids from other parties. Also, the companys board needs...
  • Satyam's Raju gets special facilities in jail February 8, 2009

    Hyderabad: Satyam Computer Services Ltd's disgraced founder B Ramalinga Raju has been living the life of an ordinary inmate since his arrest on January 9. Ramalinga Raju has been eating watery dal and rice and sharing toilets with other prisoners. But now Nampally Criminal Court in Hyderabad has granted him special status...
  • Govt to probe 325 companies related to Satyam February 6, 2009

    New Delhi: The Union Corporate Affairs Minister PC Gupta has said that Serious Fraud Investigation Office (SFIO) will be investigating up to 325 companies related to Satyam and 25 individuals. This is beside of the 150 companies already under scrutiny. Gupta also said that PricewaterhouseCoopers, Bangalore will also be investigated by...
  • Karnik named Satyam chairman; iGate backs out February 6, 2009

    New Delhi: A potential bidder for fraudtainted Satyam Computer Services backed away from a deal on Friday, as one of the members of the new board was appointed as the chairman of the outsourcing company. The Indian government said Kiran Karnik, a former technology lobby group head, would assume the role...
  • Satyam has money for Feb salaries: sources February 3, 2009

    New Delhi: Satyam employees can breathe easy, at least for this month. Sources say the scamhit company has enough money to pay salaries for the month of February. Sources added that Satyam employees in India will be paid salaries by the monthend while employees abroad will be paid in two installments...
  • Spice joins race for fraudhit Satyam January 30, 2009

    New Delhi: The race to acquire Satyam Computer Services, the outsourcing firm snared in India's biggest corporate scandal, heated up as diversified Spice Group offered to buy a 51 per cent stake, joining other potential bidders. Satyam is struggling to survive after founder and chairman Ramalinga Raju quit this month,...
  • Satyam case: AP HC postpones hearing of SEBI petition January 30, 2009

    Hyderabad: The market regulator will have to wait at least for 10 more days to question disgraced Satyam Computer founder B. Ramalinga Raju and his brother B. Rama Raju in the Rs 7,000 crore accounting fraud as the Andhra Pradesh High Court on Friday adjourned the hearing on its petition...
  • Reddy to PM: Satyam set up 300 cos for insider trading January 29, 2009

    New Delhi: The men saving Satyam have been busy. They seem to have zeroed in on the CEO and CFO of the company. Network 18 has learnt that former Tata Chemical MD Homi Khusrokhan could be the frontrunner to head Satyam. Speaking exclusively to CNNIBN, the Corporate Affairs Minister P...
  • Satyam case: Raju's bail plea dismissed January 28, 2009

    Hyderabad: A city court dismissed the bail applications of Satyam's disgraced founder Ramalinga Raju, former managing director Rama Raju and former CFO Vadlamani Srinivas. The sixth additional chief metropolitan magistrate also posted for Thursday a hearing on separate petitions relating to the bail and police custody of SRSR Holding general manager...
  • PriceWaterhouse suspends Satyamlinked duo January 27, 2009

    Hyderabad: PriceWaterhouse has suspended two of its employees for their alleged involvement in the fraud at Satyam Computer Services, the Indian arm of the global auditing firm said on Tuesday. "In light of recent allegations, chief relationship partner S Gopalakrishnan and engagement leader Srinivas Talluri have been suspended, pending completion of...