srinivas

The Andhra Pradesh High Court on Tuesday granted bail to former Satyam managing director Rama Raju, former chief financial officer Vadlamani Srinivas and three others accused in the multi-crore rupee accounting scam. Justice Raja Elango of the AP high court granted bails to Rama Raju, brother of Satyam founder Ramalinga Raju, Srinivas and three others former Satyam employees G Ramakrishna, Venkatapathi Raju and Ch Srisailam. Full Article

The Supreme Court will decide on February 3 the bail plea of Price Waterhouse auditor Talluri Srinivas, who was arrested in the Rs 7,136-crore Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides. A Bench headed by Chief Justice KG Balakrishnan posted the matter for final hearing on February 3 after hearing counsel for both the parties—Srinivas and CBI. Earlier, it had sought response from the investigative agency on an appeal fi.. 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

Seven months after the arrest of two Price Waterhouse auditors in the scam at Satyam Computer Services Ltd, the accounting regulator has finally acted against one of them. The executive committe of the Institute of Chartered Accountants of India, or Icai, has decided to withdraw S. Gopalakrishnan from 11 of its committees. Full Article

The ministry of corporate affairs, in consultation with the Institute of Chartered Accountants of India (ICAI), plans to increase the accountability of chartered accountants (CAs) by changing the way they perform their duties. Full Article

Despite the auditors of the fraud-hit Satyam Computer Services pleading ignorance, the Central Bureau of Investigation (CBI) has accused them of colluding with the company’s erstwhile management. “It is revealed that as per the records maintained by the Institute of Chartered Accountants of India, S Gopalakrishnan and Talluri Srinivas are partners in the firm Price [...] Full Article

Holding global auditors Price Waterhouse guilty of wrongdoings in the multi-crore Satyam scam, the Serious Fraud Investigation Office has informed the government that the bookkeepers were involved in falsification of accounts of the IT firm. Detailing the role of Price Waterhouse partners in the scam involving thousands of crores of rupees, the probing arm of the Corporate Affairs Ministry has concluded after a three month long investigation that the auditors kept silent.. Full Article

The Institute of Chartered Accountants of India (ICAI), the quasi-judicial body of chartered accountants in India, has sought more powers to auditors to chase the source of funds declared by companies while auditing accounts. This is a direct fallout of the fraud at Satyam Computer Services, which led to two auditors from auditing firm Pricewaterhouse [...] Full Article