India Investing

The Central Bureau of Investigation (CBI) probing the Satyam fraud case on Saturday arrested V S Prabhakar Gupta, head of internal audit of the erstwhile Satyam Computers.... read full » Read Full Story

India's fraud office will start prosecution this month of the founder of outsourcing firm Satyam who admitted to falsifying profits in the nation's biggest corporate fraud, a minister said Monday. Satyam's founder B. Ramalinga Raju stunned India's financial world in January when he declared he had overstated profits for years and inflated the company's balance sheet by over one billion dollars. "During this month, it (the Serious Fraud Investigation Office) will begin prosecution," Corporate Affairs Minister Salman Khurshid told reporters in the Indian capital New Delhi. In April, mid-sized Indian computer outsourcer Tech Mahindra, part of leading Indian vehicle maker Mahindra and Mahindra, paid ... Read Full Story

The CBI told a local court here on Wednesday that it was awaiting replies from courts in the US, UK, Belgium, Mauritius, British Virgin Islands and Singapore regarding the transactions of foreign bank accounts allegedly owned by the Satyam scam accused B Ramalinga Raju. While opposing tooth and nail the petition filed by former Satyam MD Rama Raju and CFO Vadlamani Srinivas who asked the court to allow them to use laptops from their jail cells to prepare notes to defend themselves before various agencies, CBI deputy legal advisor B Ravindranath said such a facility would help the accused establish outside contacts and thus ... Read Full Story

Mahindra Satyam on Tuesday said it has received legal notices for claims totalling Rs 1,230.40 crore from 37 firms floated by its founder, Mr B. Ramalinga Raju. The company, however, rejected the claims as “legally untenable”. “Mahindra Satyam has received legal notices from 37 companies claiming a refund of Rs 1,230.40 crore, allegedly given as a temporary advance,” the US-listed Indian IT major said in a regulatory filing with the US regulator Securities and Exchange Commission (SEC). The notices pertain to the money that Mr Raju, claimed to have “arranged (borrowed) for the company from the 37 companies.” The investigation, however, revealed that all ... Read Full Story

NEW DELHI (AFP) -- India's fraud office will file charges this month against the founder of outsourcer Satyam after he admitted to falsifying profits in the nation's biggest corporate fraud, a minister said Monday. Satyam's founder B. Ramalinga Raju stunned India's financial world in January when he declared he had overstated profits for years and inflated the company's balance sheet by over one billion dollars. "During this month, it (the Serious Fraud Investigation Office) will begin prosecution" proceedings, Corporate Affairs Minister Salman Khurshid told reporters in the Indian capital New Delhi. The fraud office will prosecute Raju and others under "those areas of company ... Read Full Story