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Satyam's board had violated Section 372A of the Companies Act

 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 no co...

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Posted Under: Company Law |

RBI bans bank auditors from acting as its consultants

The Reserve Bank of India, or RBI, has prohibited the statutory auditors of a bank from carrying out any consultancy work for the bank to avoid a possible conflict of interest....

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Posted Under: CA, CS, CMA |

ICAI introduces new study modules to detect scams

The Satyam scam has made auditors realise the need to have a ‘fraud-finding’ approach, rather than the conventional fault-finding mode while examining the books of companies. Looking at the need and appetite for such accounting practices, the apex body of chartered accountants, Institute of Chartered Accountants of India (ICAI), has i...

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Posted Under: CA, CS, CMA |

IFRS to be made mandatory by 2011: ICAI

Plans are afoot to make International Financial Reporting Standards (IFRS) mandatory for large-scale companies by April 2011, said K Raju, central council member of the Institute of Chartered Accountants of India (ICAI)....

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Posted Under: CA, CS, CMA |

Satyam gets buyout offers, confirmed by board members

Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT company’s board member Tarun Das said....

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Posted Under: CA, CS, CMA |

ICAI will serve show cause notice to Satyam auditors

The Institute of Chartered Accountants of India (ICAI) has decided to serve show cause notice to the auditors of the tainted Satyam Computers, ICAI central council member K Raju said on Monday....

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Posted Under: CA, CS, CMA |

Satyam auditors who signed the Balance Sheet were not Partner in PWC

The two auditors of Satyam Computer Services, appointed by PWC to audit the accounts of the company, were not partners of the audit firm at that time, people close to the investigation told....

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Posted Under: CA, CS, CMA |

Satyam Fiasco will be probed by ICAI High Level Committee- K Raghu

Institute of Chartered Accountants of India (ICAI) has formed a six- member high level team to go into the Satyam Computer Services fiasco that has drawn international attention, informed ICAI central committee member K Raghu....

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Posted Under: CA, CS, CMA |

L & T has a plan to save Satyam: A. M. Naik

Engineering major Larsen & Toubro (L&T) continues to be interested in acquiring Satyam Computer Services . L&T’s chairman AM Naik told ET that L&T, which is one of the largest shareholders of Satyam, is not interested in being a spectator in the ongoing saga....

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Posted Under: CA, CS, CMA |

ICAI may quiz E&Y over Maytas evaluation?

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....

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Posted Under: CA, CS, CMA |