talluri

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

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

In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report. According to sources, the report has found the auditors guilty of lapses while auditing Satyam’s books. The report is also believed to have stated that Price Waterhouse received [...] 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

All the Central investigating agencies have now swung into action by petitioning a city court to grant them permission to question in jail the accused in the Satyam fraud. The Income-Tax Department on Monday petitioned the court to allow it to interrogate the former chairman of Satyam Computer Services, B. Ramalinga Raju, alone. The Securities [...] Full Article

The Institute of Chartered Accountants of India will pass a ruling directing all firms to get their internal audits reviewed by an outside’.  Uttam Prakash Agarwal, who has replaced Ved Jain as president of ICAI with effect from February 5, said that this practice of an external firm reviewing the internal books of a company [...] Full Article