Archive for January, 2009

The Central Board of Direct Taxes has sought a fresh report from its field officers about the details of tax deducted at source (TDS) submitted by Satyam, to get fresh leads in the case after the Andhra Pradesh CID accused the company of having 13,000 ghost employees on its rolls, a senior government official said. [...] Full Article

The Andhra Pradesh Police claims the two Price Waterhouse executives arrested in relation to the Satyam case have confessed, continuing the trend seen thus far with the police claiming significant success  in getting almost everyone arrested in the case to sing. The crime investigation department of the Andhra Pradesh Police says  the two executives, S. [...] Full Article

The Parliamentary standing committee on Finance, headed by BJP member of parliament Ananth Kumar, has convened a meeting on Wednesday to examine the crisis sparked by the fraud in Satyam Computer Services. This could lead to changes in company law to strengthen regulation and governance. Several government officials, including the finance secretary, the chairman of [...] Full Article

Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind by owners in a hurry to take flight. The global economic crisis has brought [...] Full Article

As government sleuths dig deep into the Satyam quagmire, they have been able to find some of the missing pieces to this sordid jigsaw puzzle. Simultaneously , they have also come up with some new revelations that add to the mystery. Here’s the latest poser: Was Satyam flush with funds in excess of Rs 3,500 [...] Full Article

Price Waterhouse will defend its role as an auditor of the disgraced Satyam Computer Services, citing the 1986 verdict of the Bombay High Court that said an auditor should not be held responsible for tracking down ingenious and carefully-laid schemes of fraud in a company. Lawyer’s privy to the development, who requested anonymity, said as per [...] Full Article

An average of 1,500 work permits and visas are being canceled in Dubai each day as companies lay off employees in the wake of the global financial crisis. The number is expected to rise in coming months as thousands of labor complaints currently logged at the Ministry of Labor get processed. Adding to that figure [...] Full Article

According to Ernst & Young, its aluation of Maytas Properties was used inappropriately by Satyam Computer (Q, N,C,F)* Services for its merger with Maytas, reports Business Standard. At the meeting on Dec. 16, 2009 of the Satyam board, ex-CFO Srinivas Vadlamani, now in jail, had said that Ernst & Young had valued the closely-held Maytas [...] Full Article