maytas properties

The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants. While the investigating agencies had a tough time going through voluminous documents to get to the extent of the scam and uncover the modus-operandi of the fraud, disclosed by the company’s founder and then chief B Ramalinga .. Full Article

Mahindra Satyam on Wednesday said its financials are not necessarily, even as investors were roiled by reports that the accounting fraud in the company could be double the initial estimate of Rs 7,800 crore. "The company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the company's accounting records do not necessarily shed light on the present financial position and liabilities of the co.. Full Article

India's notorious Satyam Computer Services scandal has taken a turn for the worse, with the country's Central Bureau of Investigation (CBI) laying new charges against 10 defendants regarding fake invoices, inflated revenues, unauthorised loans and attempted cover ups. These come in a new 200-page charge sheet with 1,549 additional documents and 301 additional witnesses, filed on November 25, before the city court in Hyderabad. Full Article

Independent directors of Satyam  were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded.   The over 14,000-page report submitted to the government, marking the end of three month-long investigation, the probe agency of the [...] 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

The RoC’s findings ? which it said will be made final after all documents are made available ? suggest that in approving the acquisition of 100 per cent in Maytas Properties and 51 per cent in Maytas Infrastructure, Satyam’s board had violated Section 372A of the Companies Act. Sub-section 1 of Section 372A stipulates that [...] Full Article

As part of its investigation into the Satyam Computer case, the Institute of Chartered Accountants of India (ICAI) is likely to question Ernst & Young (E&Y) on the valuation exercise it undertook  on the two Maytas companies. An ICAI source told that the institute would also look into the process used by E&Y to confer [...] Full Article

The unanimous approval of Satyam’s erstwhile board to the Maytas deal was not unanimous in letter and spirit, the minutes of the infamous December 16 meeting revealed on Saturday.  While the board had ‘unanimously’ passed the resolution for the $1.6 billion acquisition of two Maytas firms, run by Satyam founder Ramalinga Raju’s family, many of [...] Full Article