Satyam Saga

The Serious Fraud Investigation Office will shortly begin prosecution of Satyam Computer founder B Ramalinga Raju and others.

Tech Mahindra, an M&M-promoted company, has won the bid for Satyam Computer after bidding at Rs 58 per share.

Satyam's former CEO Ramalinga Raju owned up to the Rs 7,000 crore fraud on Wednesday. He was arrested on Thursday night. His brother Rama Raju was also arrested. The Andhra CID officials grilled him all night, especially about other executives who may be involved. Here is a look at the charges against Ramalinga Raju and his brother Rama Raju. On...

Satyam founder has been booked for: * Criminal conspiracy, after he confessed to perpetrating a 7,000-crore financial fraud * He also faces charges of cheating for presenting a false picture * Forgery for doctoring accounts and showing inflated revenues * Raju and his brother have been booked for criminal breach of trust, now that ...

The government on Friday disbanded the board of Satyam Computers for ",failing to do what they were supposed to", and would soon appoint 10 new directors, who would hold its first meeting within a week.

Two days after shocking the country by admitting to Rs 7,800-crore fraud, Satyam founder Ramalinga Raju and his brother Ram Raju were arrested on Friday night as part of the crackdown by state authorities and the central government, which disbanded the tainted IT firm's board on a day of fast-paced developments.

The balance sheet as of September 30 carries ",inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books),", the Harvard Business School alumnus told in a letter to employees.

Satyam's sale process is underway and at least three firms have confirmed that they have put in an initial bid for a controlling stake in the fraud-hit firm. Satyam had set Friday's deadline for receiving initial bids. L&T, Tech Mahindra and Spice Group have put in expressions of interest while Hindujas have pulled out of the race. Satyam's bo...

Disgraced former Satyam chief Ramalinga Raju, his brother Rama Raju, former CFO Srinivas and two sacked auditors of Pricewaterhouse were brought out of Chanchalguda prison in Hyderabad on Tuesday. Two months after Ramalinga Raju was arrested, the disgraced chief of Satyam is now face to face with the CBI officers who will interrogate him for a wee...

In the latest development in the Satyam fiasco, a local court on Friday reserved its order on a CBI plea seeking custody of B Ramalinga Raju, founder of Satyam Computer, and others. After hearing the arguments of CBI counsel and defence lawyers, Additional Chief Metropolitan Magistrate reserved the order for Monday. The CBI took up the Rs 7,800-c...

The Lok Sabha will on Thursday discuss developments at Satyam Computer Services that was rocked by a Rs 7,800 crore accounting fraud, prompting the government to take over operations to prevent damage to the Indian IT industry. This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a ...

Premier investigating agency CBI has been ordered to probe the accounting fraud in Satyam Computer, whose founder Ramalinga Raju had disclosed fraud in books over 40 days ago, the Rajya Sabha was informed on Monday. Replying to supplementaries during Question Hour in the Rajya Sabha, Corporate Affairs Minister Prem Chand Gupta said while the Serio...

The Andhra Pradesh government has handed over the Rs 7,800-crore Satyam scam to the CBI, more than a month after the IT major's founder B Ramalinga Raju confessed to cooking his company's account books and inflating profits over the last many years. Andhra Pradesh Home Minister K Jana Reddy on Monday said the state has issued a 'Government Order'...

Asserting that the Satyam scam cannot be allowed to harm the prospects of the Indian IT industry, the government on Thursday said it would make every effort in getting to the bottom of this fraud. ",We will spare no effort in getting to the bottom of this terrible scam and will take whatever measures are necessary on the basis of the findings,", E...

The fireworks started even before the debate on Satyam fraud began inside the Andhra Pradesh Assembly. Telugu daily `Sakshi' owned by Chief Minister Y S Rajasekhar Reddy's son Jagan published a front-page item on Monday alleging that Chandrababu Naidu's son Lokesh's foreign education bill of up to Rs 25 crore was paid by Satyam. ",He is my only ...

The Serious Fraud Investigation Office will shortly begin prosecution of Satyam Computer founder B Ramalinga Raju and others.

Tech Mahindra, an M&M-promoted company, has won the bid for Satyam Computer after bidding at Rs 58 per share.

Satyam's former CEO Ramalinga Raju owned up to the Rs 7,000 crore fraud on Wednesday. He was arrested on Thursday night. His brother Rama Raju was also arrested. The Andhra CID officials grilled him all night, especially about other executives who may be involved. Here is a look at the charges against Ramalinga Raju and his brother Rama Raju. On...

Satyam founder has been booked for: * Criminal conspiracy, after he confessed to perpetrating a 7,000-crore financial fraud * He also faces charges of cheating for presenting a false picture * Forgery for doctoring accounts and showing inflated revenues * Raju and his brother have been booked for criminal breach of trust, now that ...

The government on Friday disbanded the board of Satyam Computers for ",failing to do what they were supposed to", and would soon appoint 10 new directors, who would hold its first meeting within a week.

Two days after shocking the country by admitting to Rs 7,800-crore fraud, Satyam founder Ramalinga Raju and his brother Ram Raju were arrested on Friday night as part of the crackdown by state authorities and the central government, which disbanded the tainted IT firm's board on a day of fast-paced developments.

The balance sheet as of September 30 carries ",inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books),", the Harvard Business School alumnus told in a letter to employees.

Satyam's sale process is underway and at least three firms have confirmed that they have put in an initial bid for a controlling stake in the fraud-hit firm. Satyam had set Friday's deadline for receiving initial bids. L&T, Tech Mahindra and Spice Group have put in expressions of interest while Hindujas have pulled out of the race. Satyam's bo...

Disgraced former Satyam chief Ramalinga Raju, his brother Rama Raju, former CFO Srinivas and two sacked auditors of Pricewaterhouse were brought out of Chanchalguda prison in Hyderabad on Tuesday. Two months after Ramalinga Raju was arrested, the disgraced chief of Satyam is now face to face with the CBI officers who will interrogate him for a wee...

In the latest development in the Satyam fiasco, a local court on Friday reserved its order on a CBI plea seeking custody of B Ramalinga Raju, founder of Satyam Computer, and others. After hearing the arguments of CBI counsel and defence lawyers, Additional Chief Metropolitan Magistrate reserved the order for Monday. The CBI took up the Rs 7,800-c...

The Lok Sabha will on Thursday discuss developments at Satyam Computer Services that was rocked by a Rs 7,800 crore accounting fraud, prompting the government to take over operations to prevent damage to the Indian IT industry. This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a ...

Premier investigating agency CBI has been ordered to probe the accounting fraud in Satyam Computer, whose founder Ramalinga Raju had disclosed fraud in books over 40 days ago, the Rajya Sabha was informed on Monday. Replying to supplementaries during Question Hour in the Rajya Sabha, Corporate Affairs Minister Prem Chand Gupta said while the Serio...

The Andhra Pradesh government has handed over the Rs 7,800-crore Satyam scam to the CBI, more than a month after the IT major's founder B Ramalinga Raju confessed to cooking his company's account books and inflating profits over the last many years. Andhra Pradesh Home Minister K Jana Reddy on Monday said the state has issued a 'Government Order'...

Asserting that the Satyam scam cannot be allowed to harm the prospects of the Indian IT industry, the government on Thursday said it would make every effort in getting to the bottom of this fraud. ",We will spare no effort in getting to the bottom of this terrible scam and will take whatever measures are necessary on the basis of the findings,", E...

The fireworks started even before the debate on Satyam fraud began inside the Andhra Pradesh Assembly. Telugu daily `Sakshi' owned by Chief Minister Y S Rajasekhar Reddy's son Jagan published a front-page item on Monday alleging that Chandrababu Naidu's son Lokesh's foreign education bill of up to Rs 25 crore was paid by Satyam. ",He is my only ...