No law can guarantee safety from fraud, says ICAI presidentSeptember 19th, 2009 CHANDIGARH - Corporate enterprises will have to make extra efforts to avoid fraud in their companies as no law can guarantee against it, the Institute of Chartered Accountants of India (ICAI) president said Saturday. "No law can save companies from frauds, and Satyam is a recent example.
'Chartered accountants safe from meltdown'September 19th, 2009 CHANDIGARH - At a time of pink slips, salary cuts and global economic gloom, what is the best job to have? Be a chartered accountant, that's what a top group of accountants says. "There is no impact of recession on Indian chartered accountants (CAs) because no company can manage without them.
Enforcement Directorate yet to give final report on SatyamSeptember 15th, 2009 KOLKATA - The Enforcement Directorate (ED) is yet to give its final report on the multi-crore accounting fraud in Satyam Computers, Corporate Affairs Minister Salman Khurshid said here Tuesday. "The ED and the US Internal Revenue Services (IRS) are looking basically at the compensation angle of the fraud.
Maytas diverted Rs.390 crore to Satyam: KhurshidAugust 31st, 2009 NEW DELHI - Corporate Affairs Minister Salman Khurshid Monday said prima facie some evidence indicated that funds had been transferred from Maytas Infra to scam-tainted Satyam Computers, now Mahindra Satyam. "When the accounts are stated, this will become clear as to where the money has gone," said Khurshid while briefing reporters on a new Company Law Board (CLB) order regarding Maytas Infra.
Satyam probe almost over, says Salman KhursheedAugust 21st, 2009 HYDERABAD - There is enough material for successful prosecution in the Rs.78-billion Satyam fraud case and as soon as the Andhra Pradesh High Court sets up a fast track court there will be further progress in the matter, the government said Friday. "As far as the CBI (Central Bureau of Investigation) and the ministry of corporate affairs are concerned, the investigations are more or less over.
Tech Mahindra gets 43 percent stake in SatyamJuly 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.
Indian chartered accountants sign exchange programme with AustraliaJuly 4th, 2009 AGRA - Indian chartered accountants can now practise in Australia with the inking of an agreement between the chartered accountants institutes of India and Australia at an event here. The agreement, signed Friday evening, will facilitate exchange of accounting professionals of the two countries.
Gurnani named Mahindra Satyam chief executiveJune 23rd, 2009 HYDERABAD - Two days after Satyam Computer Services was re-branded as Mahindra Satyam, the company Tuesday announced changes in its leadership with Tech Mahindra's head of international operations C.P. Gurnani being named the outsourcer's new chief executive.
Fraud-hit Satyam has Rs.373 crore bank balanceJune 9th, 2009 MUMBAI - The fraud-tainted Satyam Computer Services has a bank balance of Rs.373 crore (about $75 million) as on March 31, the IT bellwether said Tuesday. In a regulatory statement, Satyam said it has posted standalone net profit of Rs.181 crore ($38 million) on revenue of Rs.2,290 crore in the December quarter.
Satyam appoints new leaders in Australia, New ZealandJune 1st, 2009 MUMBAI - Satyam Computer Services Ltd Monday announced the appointment of Venki Prathivadi as the new country manager for Australia and New Zealand (ANZ). Satyam has also appointed Vijay Prasad as the principal adviser to the ANZ region, the company said in a regulatory statement.
Satyam names four new directorsMay 22nd, 2009 NEW DELHI - India's fourth largest outsourcer Saytam Computers Friday said it has appointed four more directors on its board following a Company Law Board (CLB) directive April 16. The appointments were also as per a share subscription agreement between Tech Mahindra and its subsidiary Venturbay Capitals, which is acquiring a controlling stake in the scam-hit Satyam.
Maytas to raise fresh funds, not ruling out stake saleMay 5th, 2009 NEW DELHI - The government-appointed board of Maytas Infra Ltd, an infrastructure firm linked to fraud-hit Satyam Computers, Tuesday said it was planning to raise funds through fresh loans and, if necessary, through a stake sale. 'The corporate debt restructuring, which we have initiated in consultation with our lenders will not only try to reschedule loans but also look at raising fresh loans for existing projects,' said Anil K.
Satyam receives bids, board extends meeting by a dayMarch 21st, 2009 BANGALORE - The government-appointed directors of scam-hit Satyam Computer Services Friday extended their meeting to Saturday amid reports that they have received bids from three companies to buy the country's fourth largest software exporter. 'The board is meeting tomorrow (Saturday) also.
Nod for four government directors on Maytas Infra boardMarch 6th, 2009 NEW DELHI - The Company Law Board Thursday allowed the government to name four directors, including the chairperson, to the board of Maytas Infra but set aside a petition seeking to supersede the company's entire top brass. The permission immediately resulted in the government appointing senior advocate and tax expert O.P.
Post-Satyamgate, PWC-India to set up advisory boardMarch 6th, 2009 CHENNAI - Foreign audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the 'Satyamgate' scam. According to a statement issued by the audit firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.
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