Indian firm could get Satyam audit mandateJanuary 11th, 2009 CHENNAI - Perhaps for the first time in the Indian corporate history, an audit firm - and a foreign one at that - is being dumped midway by a company. The government-appointed new board for Satyam Computer Services has declared that the fraud-hit IT bellwether will have a new audit firm to restate the books of accounts.
Satyam internal audit scope to be agreed upon: Brahmayya & CoJanuary 16th, 2009 CHENNAI - The government-appointed board of Satyam Computer Services Limited will have to define the scope of work for the city-based Brahmayya & Co that has been appointed as the beleaguered IT bellweather's internal auditor, an official of the accounting firm said Saturday. 'We were sounded out about the assignment by the authorities and we gave our consent.
Serious Fraud Investigation Office to probe Satyam-Maytas nexusJanuary 18th, 2009 NEW DELHI - The government Monday ordered a probe into possible 'nexus' between the fraud-hit Satyam Computer Services and its tainted founder B. Ramalinga Raju's two family-run firms Maytas Properties and Maytas Infrastructure.
Satyam has buyout offers from Indian, foreign firmsJanuary 19th, 2009 NEW DELHI - The IT bellwether Satyam Computer Services, embroiled in a Rs.70 billion ($1.7 billion) financial scam, has received buyout offers from both domestic and foreign firms, its new board member Tarun Das said Tuesday. 'Satyam has got enormous fixed, human resources and technology assets.
Satyam to be probed by Serious Fraud Investigation OfficeJanuary 12th, 2009 NEW DELHI - The Indian government Tuesday ordered a probe into the affairs of beleaguered Satyam Computer Systems by the Serious Fraud Investigation Office and asked it to submit its report within three months. The order for the probe came immediately after the Registrar of Companies, which conducted a preliminary inquiry into the state of accounts of Satyam Computer Services, submitted his report to the ministry of corporate affairs.
ISB dean Rao quits over Satyam fraudJanuary 7th, 2009 HYDERABAD - Mendu Rammohan Rao, dean of the prestigious International School of Business (ISB) here, Thursday resigned from his position in the wake of the financial fraud at Satyam Computers. He was a member of the Satyam board when the irregularities were committed.
CBI registers case against Raju, others in Satyam scamFebruary 20th, 2009 NEW DELHI - The Central Bureau of Investigation (CBI) Friday registered a case against disgraced Satyam founder B. Ramalinga Raju for the Rs.70 billion fraud and constituted a multi-disciplinary investigation team (MDIT) for the probe.
Two more directors resign from Satyam boardDecember 28th, 2008 BANGALORE - Satyam Computer Services Monday announced the resignations of director Vinod K. Dham and non-executive director Krishna G.
Don't rely on our Satyam audit, says PricewaterhouseCoopersJanuary 13th, 2009 NEW DELHI - In a curious twist to the Satyam Computer Services fraud, its erstwhile auditors PricewaterhouseCoopers (PwC) have said their opinion on the financials of the beleaguered company may be rendered 'inaccurate and unreliable', even as the newly appointed three-member board Wednesday appointed Deloitte and KPMG as the new joint auditors. In a letter to the board of Satyam, PwC said the statement by the former chairman of the company B.
CBI to take over Satyam probe from Andhra policeFebruary 17th, 2009 NEW DELHI - The Central Bureau of Investigation (CBI) Wednesday will take over the investigation into the Rs.70-billion (Rs.7,000-crore/$1.43 billion) Satyam accounting fraud from the Andhra Pradesh police. 'We have received the notification from the government of India to take over the Satyam Computers scam cases from CID, Andhra Pradesh.
Ramalinga Raju admits to diverting Satyam moneyJanuary 20th, 2009 HYDERABAD - Disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju has confessed that he diverted funds of the IT company to the two real estate firms promoted by his family, state police sources said here Wednesday.
Kiran Karnik named Satyam chairman, fraud probe extendedFebruary 5th, 2009 NEW DELHI - Noted technocrat Kiran Karnik was Friday named chairman of the scam-hit Satyam Computer Services even as the probe by the Serious Fraud Investigation Office was extended to 325 more companies associated with the beleaguered firm. Corporate Affairs Minister P.C.
Andhra Pradesh police begin probe into Satyam fraudJanuary 8th, 2009 HYDERABAD - The crime branch of the Andhra Pradesh police Friday began probe into the Rs.70-billion accounting fraud in the city-based IT service firm Satyam Computer Services, even as the market regulator continued its probe for the second consecutive day and summoned before it the company's former chairman. The Criminal Investigation Department's (CB-CID) team checked records at Satyam's headquarters here and spoke to associates of disgraced former chairman B.
Post-Satyam scam, PWC India to set up advisory boardMarch 5th, 2009 CHENNAI - Global audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the accounting scandal in Satyam Computer Services. According to a statement by the firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.
Maytas denies receiving funds from SatyamJanuary 19th, 2009 HYDERABAD - Maytas Infra Tuesday denied it received any funds from scam-tainted Satyam Computer Services, and that there was a nexus between the two companies. The denial came a day after the central government extended the ambit of probe into Satyam fraud to Maytas Infra and Maytas Proprties, promoted by two sons of disgraced founder and former chairman of Satyam B.
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