Satyam

Audit firm Price Waterhouse has filed a suit against former chairman of Satyam B Ramalinga Raju and others claiming damages of Rs 100 crore for 'deliberately' concealing key information that led to the Rs 14,000-crore accounting fraud. A day after Tech Mahindra-acquired Satyam filed a suit against its former Board of Directors, certain employees and Price Waterhouse seeking damages for perpetrating a fraud three years ago, PW officials revealed that they have already fil.. Full Article

Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalised by the Committee with a week's time, said president of the Institute of Chartered Accountants of India (ICAI) G Ramaswamy. Full Article

The Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas.  An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from the facts of the case and considering the totality of the circumstances, it was appropriate to [...] Full Article

The Supreme Court today directed accounting regulator ICAI to initiate disciplinary proceedings against Talluri Srinivas, auditor embroiled in the multi-crore Satyam accounting fraud, only after October 3. A bench of Justices D K Jain and A K Ganguly asked the Institute of Chartered Accountants of India (ICAI) to proceed against Srinivas only after October 3 as the criminal trail of the special court, set up for the Satyam scam case, may conclude its hearing by then. Full Article

The CBI, probing the multi-crore accounting scam in Satyam Computers, has reduced the number of witnesses in the case to 220 as against 690 mentioned in the charge sheet, following directions from the Supreme Court to speed up the trial, a top official said. Lakshmi Narayana, DIG, CBI said as per the apex court directives, the number of documents supporting the charge sheet, which were around 3,067, have also been reduced to a thousand-odd. Full Article

Accounting regulator the Institute of Chartered Accountants of India (ICAI) today said it will soon conclude the disciplinary proceedings against S Gopalakrishnan and Srinivas Talluri, the two auditors embroiled in the multi-crore Satyam fraud. Full Article

In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years. The US Securities Exchange Commission (SEC) said that Satyam Computer Services have agreed to pay a fine of $10 million towards settlement of charges of fraudulently "overstating the company's revenue, income and cash balances by more than $1 billion o.. Full Article

Mahindra Satyam -- brand identity of Satyam Computer Services Limited -- which recently announced that it had agreed to pay $125 million to settle class action suits in USA, is yet to get Reserve Bank's nod to transfer the funds, a senior company official said. "It (RBI) wanted some clarifications. We are in the process of submitting documents. It is just a matter of time," the official told PTI. Full Article