Aurobindo Pharma, a Hyderabad based Rs 2,950 crore plus pharma company, has commissioned its formulations manufacturing facility (Unit VII) in Hyderabad from November 20, 2009. The facility is situated at APIIC Green Industrial Park, Jadcheria near Hyderabad and commercially operations are likely to begin by April 2010. The company invested around Rs 150 crore for setting up this large ......
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Disgraced Satyam Computers founder, B Ramalinga Raju in his confession letter on January 7 this year, had said that Prabhakar Gupta, among few other senior executives were unaware of the real situation as against the books of the accounts... 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... Read Full Story
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....
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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... 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... 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... Read Full Story
Thursday, November 12th, 2009 at 1:22 pm
The CBI has filed a memo in a local court seeking its permission to hear the charges against the accused in the multi-crore accounting fraud case in Satyam Computers, on the basis of material it provided in the first charge sheet.
The filing of the memo was necessitated following Andhra Pradesh High Court’s direction to the investigating agency to hasten the process and start trial in the case, the CBI prosecutor said... Read Full Story
Satyam founder B Ramalinga Raju's confession letter on January 7 also refers to a net amount of Rs 1,230 crore (Rs 12.3 billion) arranged for Satyam by the 37 companies. Read Full Story
The jailed founder and chairman of India's fraud-hit IT giant Satyam underwent emergency treatment in hospital on Tuesday after suffering a suspected heart attack, medical officials said. B. Ramalinga Raju was rushed into intensive care "complaining of chest pains and needs further evaluation," but was currently in a stable condition, said N. Satyanarayana, superintendent of the hospital in Hyderabad. Raju, 54, has been in jail for eight months since admitting that Satyam -- a celebrated... Read Full Story
