The trial of those accused in India's biggest corporate scandal involving former outsourcing giant Satyam, is set to begin in a month, said a report Friday quoting an investigator. On December 9, a court will hear formal charges of fraud to the tune of three billion dollars against Satyam company founder B. Ramalinga Raju and nine others, business daily Mint reported, with proceedings proper beginning later in the month. "The CBI (Central Bureau of Investigation) is ready for the trials in... Read Full Story
Police probing India's biggest corporate scandal said Thursday the fraud involving outsourcing company Satyam totalled over three billion dollars, double the amount originally suspected. The Central Bureau of Investigation (CBI) which filed new charges on Tuesday against 10 suspects, including company founder and chairman B. Ramalinga Raju, warned the scandal could grow further. "The supplementary chargesheet we filed this week takes to 140 billion rupees (3.01 billion dollars) the total... Read Full Story
BANGALORE (Reuters) - Mahindra-Satyam <SATY.BO> shares fell to a 4-month low on Thursday, before recovering, on concerns over its outlook after Indian investigators filed new charges over accounting fraud that hit Satyam earlier this year. "Investors are playing a blind game until the audited numbers are out. There could be more skeletons hidden in the closet," said HDFC Securities' head of private client group V.K. Sharma, who is advising clients to stay away from the stock until there is... Read Full Story
Shares in India's Mahindra Satyam slid for a second day on Thursday after police said an accounting fraud embroiling the outsourcing company could be far larger than initially believed. The shares of Satyam Mahindra, originally known as Satyam Computer Services, were down 4.09 percent at 86.85 rupees in early afternoon trade after dropping more than eight percent to 83.05 earlier. The shares fell nearly 11 percent Wednesday as investors were rattled by the newest developments in what was... Read Full Story
Indian federal investigators on Tuesday filed new charges against the founder of scandal-hit outsourcing giant Satyam in the nation's biggest case of corporate fraud, an official said. The company's founder and former chairman 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. The Central Bureau of Investigation (CBI) on Tuesday filed additional charges against... 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
Wednesday, November 25th, 2009 at 3:53 am
Investors had lost Rs 14,000 crore in the Satyam scam which rocked the nation early this year, the CBI has said in its supplementary charge-sheet filed on Tuesday.
“It is how we look at the scam,” said the CBI DIG, Mr V.V. Lakshminarayana. “From the investors’ angle, the loss would be Rs 14,000 crore, from that of the wrongful gain by the accused it would be Rs 2,679 crore, and properties amassed would be Rs 350 crore... Read Full Story
Internet is pulsating with Forbes's disclosure of the list of top 10 most outrageous CEOs 2009 in general, and the inclusion of Ramalinga Raju , the founder-chairman Satyam Computers, (now Mahindra Satyam ) in particular, for achieving the rare feat of standing 4th in a global list -- for the wrong reasons . I am not sure; if any other Indians from India have ever appeared in any of the top ten list by Forbes, - for the right reasons - except, some of the top-notch industrialists - Ambani... Read Full Story
It's one Forbes list where none would want to figure, but Ramalinga Raju , the founder-chairman Satyam Computers (now Mahindra Satyam), has managed the feat of being among the world's 10 most outrageous CEOs.
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India Probe Agency Satyam Fraud Much Larger Than Estimated India's Central Bureau Of Investigation said Thursday the accounting fraud at Satyam Computer Services Ltd. is now estimated at 118.8 billion rupees ($2.58 billion), much larger than the amount estimated by regulators initially. But an executive at Satyam said it doesn't expect any additional liability from the CB 1 Vote(s) Read Full Story
