Satyam Fraud
From GovernIndia
Satyam Computer Services Ltd. is a consulting and information technology services company based in Hyderabad, India.
Contents |
The Facts
- December 16, 2008: Satyam Computers announces plans to acquire Maytas Infrastructure and Maytas Properties, in a bid to diversify its operations.
- December 16, 2008: Later the same day, Satyam comes under fire from investors for the 1.6 billion dollar deal. Satyam's stock price plummets.
- December 19, 2008: Upaid files a suit against Satyam in a Texas court in the United States.
- January 7, 2009: Chairman of Satyam Computers, Ramalinga Raju resigned after notifying its board members and SEBI that he had falsified Satyam's accounts. (Letter)
- January 9, 2009: Ramalinga Raju and brother B.Rama Raju are taken into judicial custody.
- January 10, 2009: The Company Law Board bars the Satyam board from functioning.
- January 10, 2009: Satyam CFO Vadlamani Srinivas is picked up by the CID for questioning. Later arrested and kept in judicial custody.
- January 11, 2009: Banker Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C. Achuthan are nominated to the Satyam board by the Government.
- January 14, 2009: PriceWaterhouse, external auditors for Satyam Computers, announces that its reliance on potentially false information provided by the Satyam management may have rendered its audit reports "inaccurate and unreliable".
- January 20, 2009: Raju confesses that he had been diverting company funds to the Maytas companies as also to purchase land in and around Hyderabad. Source
People/Organisations Involved
People
- Ramalinga Raju - Chairman, Satyam Computers
- B.Rama Raju - Co-founder and Managing Director, Satyam Computers
- Vadlamani Srinivas - CFO, Satyam Computers
- Ram Mynampati - Interim chairman of Satyam Computers
- Prem Chand Gupta - Corporate Affairs Minister
Organisations
- Satyam Computer Services Ltd.
- PriceWaterhouse
- Maytas Infrastructure
- Maytas Properties
- SEBI (Securities and Exchange Board of India)
- MCA (Ministry of Corporate Affairs)
- CID (Criminal Investigation Department)
- SFIO (Serious Fraud Investigation Office)
- SEC (Securities and Exchange Commission, United States)