Satyam Fraud

  • Satyam case: SC notice to CBI on Raju's bail October 21, 2011

    New Delhi: Satyam founder B Ramalinga Raju and his brother B Rama Raju, arrested in connection with the multi-crore accounting fraud involving the IT firm, will have to remain in jail during Diwali as the Supreme Court on Friday refused to give them interim relief saying they have delayed in...
  • Satyam fraud case: SC grants bail to 5 accused October 12, 2011

    New Delhi: The Supreme Court on Wednesday gave a conditional bail of six months to former Satyam employees G Ramakrishna, D Venkatpathi Raju, Srisailam, Ramalinga Raju's brother B Suryanarayana Raju, Satyam's former MD B Rama Raju and former PricewaterhouseCoopers (PwC) auditor Subramani Gopalakrishnan in the Rs 617 crore income tax...
  • SC orders status quo on Rs 617 cr Satyam tax case April 6, 2011

    New Delhi The Supreme Court on Wednesday ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617 crore income tax from Satyam Computer, while asking for a list of the actual liabilities of the scam-hit information technology (IT) firm. A three-judge bench headed...
  • Mahindra Satyam to settle US suit, pay $ 125 mn February 17, 2011

    Mumbai: Mahindra Satyam, formerly known as Satyam Computer Services, on Thursday said it has agreed to pay $125 million to settle a putative class action suit filed against the company in a United States District Court. The litigation relates to the 2009 accounting fraud at Satyam Computer, which was later taken...
  • Ex-Satyam chief Raju discharged from hospital October 2, 2010

    Hyderabad: B Ramalinga Raju, former chairman of Satyam Computers and the prime accused in the Rs 14,000-crore accounting fraud, was today discharged from the Nizam Institute of Medical Sciences where he was undergoing treatment for hepatitis C for the past ten months. NIMS gastroenterologist Ajit Kumar said Raju requested the hospital...
  • SC issues notice to Raju on his bail case October 1, 2010

    The apex court has asked Raju, the main accused in the Satyam fraud case, why his bail should not be cancelled. ...
  • Satyam founder Raju appears in court August 26, 2010

    Hyderabad: Satyam scam accused Ramalinga Raju speaks for the first time after being out on bail. He appears at local court, accompanied by a doctor in Hyderabad on Thursday. This is his second appearance after being granted bail by Andhra High Court. Raju hasn't made any appearance for questioning in court...
  • Satyam founder Raju seeks bail, cites ill health July 28, 2010

    Hyderabad: Satyam Computer founder B Ramalinga Raju, the main accused in the fraud case in the IT giant, has applied for bail in Andhra Pradesh High Court citing medical reasons. Raju also pointed while moving his bail application on Tuesday that all other five accused have been released on bail. He...
  • 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...
  • Watch: Ex-Satyam chief feigning a heart attack? September 9, 2009

    Hyderbad: After eight months in jail on charges of fraud, forgery and cheating, the former chairman of Satyam Computers, Ramalinga Raju is now recovering in the intensive care unit of a government hospital. Raju's lawyers say he has suffered a heart attack, but the hospital says Raju is being treated...
  • Raju's sons move court to de-freeze account May 26, 2009

    Hyderabad: The family of B Ramalinga Raju, the main accused in the multi-crore fraud at Satyam Computer, has approached a local court seeking a direction to de-freeze bank accounts and get back seized electronic items. In two separate petitions filed in the XIV Additional Chief Metropolitan Magistrate court by kins of...
  • 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 well-planned 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...
  • Journalist, PR person in scam to destabilise markets April 25, 2009

    Mumbai: A company director, a PR executive and a journalist - ingredients of another scam that has shaken but not surprised the stock market. This one involves an entertainment company called Pyramid Saimira Theatre Limited. Market regulator Securities Exchange Board of India (SEBI) has taken swift action. In an interim order,...
  • Tech Mahindra's open offer for Satyam opens June 12 April 22, 2009

    New Delhi: IT firm Tech Mahindra on Wednesday said its Rs 1,154.66-crore 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,...
  • 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 31-per 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 short-term debt, two sources said. The one-year 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 crisis-ridden 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...
  • CBI chargesheet against Satyam's Raju on April 9 April 2, 2009

    New Delhi: Beginning the trial in the multi-core Satyam accounting scam case, the CBI will file its chargesheet against B Ramalinga Raju and other accused on April 9. “We will be filing a chargesheet on April 9 but the investigations into the case would continue even after...
  • About 300 Satyam staff join Bank of America April 1, 2009

    Mumbai: About 250-300 employees at fraud-hit Indian outsourcer Satyam Computer Services are joining Bank of America, the Business Standard newspaper said on Wednesday. The employees were working on a Satyam project for Merrill Lynch, which was taken over by the US bank after it was hit by the subprime crisis...
  • 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...
  • Satyam Computers bags dairy firm deal March 23, 2009

    New Delhi: Satyam Computer Services has bagged a contract from a country-based dairy processor Vijay Dairy and Farm Products to automate and integrate their key business processes, the company said on Monday. Under the contract, Satyam would implement SAP business solution for the dairy firm and...
  • 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...
  • Satyam's legal trouble may impact bidding process March 12, 2009

    Mumbai: A US-based research firm has pegged Satyam's class action lawsuit liabilities at under $100 million. According to the research firm, the amount of liability that the crisis-ridden Satyam, in the aftermath of the Rs 7,000-crore scam carried out by its former chief Ramalinga Raju, could be about $100 million. The...
  • CBI questions Rajus, ex-CFO in Satyam scam March 10, 2009

    Hyderabad: The investigations into Rs 78 billion (Rs 7,800 crore) scam in Satyam Computer Services picked up momentum as the Central Bureau of Investigation (CBI) Tuesday questioned the IT firm's disgraced former chairman B Ramalinga Raju and four other accused. The CBI's multi-disciplinary investigation team (MDIT) headed by the agency's DIG...
  • SEBI sends notice to ex-auditors of Satyam March 7, 2009

    Mumbai: Market regulator SEBI has sent a show cause notice to Price Waterhouse, which audited the scam-tainted Satyam Computer's accounts, under regulations dealing with fraudulent and unfair trade. According to sources, the market regulator has sent the notice to PW under the Fraudulent and Unfair Trade...
  • Satyam gets approval to sell 51 pc stake March 6, 2009

    Singapore: Fraud-hit Satyam Computer Services said it has received approval from the market regulator to sell a 51 percent stake in the company in a global bidding process. As part of the two-phased sale process, a chosen investor would acquire newly issued equity shares representing 31 percent of Satyam's share capital...
  • Ernst & Young auditors starts Maytas evaluation February 26, 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 15-member team headed by DIG, Hyderabad V Lakshiminarayanan to probe the Satyam fraud....
  • Satyam gets approval for stake sale, share issue February 19, 2009

    New Delhi: Satyam Computer Services won approval on Thursday to bring on board a strategic investor with the financial and management clout needed to ensure the survival of the fraud-hit outsourcer. The Company Law Board (CLB) said Satyam could raise its authorised shares on issue to 1.4 billion from 800 million,...