Satyam's latest updates - May Axe 10,000 Employees: Headhunters

[Kalyan]

 A local court today reserved its orders for tomorrow on a memo filed by Talluri Srinivas, one of the accused in the multi-crore Satyam

fraud case, seeking immediate release from a jail here.

Srinivas, former auditor of Price Waterhouse, filed the memo in the XIV Additional Chief Metropolitan Magistrate court and sought his release as the Supreme Court had already granted him bail on February 4 in one case related to Satyam fraud.

But, as per the prosecution, Srinivas was involved in another case relating to Income Tax offences for which the CBI has already filed the chargesheet.

Defence counsel Hanumanth Rao, during the hearing of the case, contended that the bail granted by the apex court is applicable to his client in spite of any number of chargesheets or cases pending against Srinivas.

Objecting the memo, the CBI counsel said the bail was granted in the first case.

The Supreme Court bail order did not reflect the second case in which Srinivas has also been chargesheeted by the CBI over filing of "false" income tax returns along with Satyam founder B Ramalinga Raju and others.

"They (defence) have to file fresh application for bail with regard to the another chargesheet," the CBI counsel argued.

After hearing the arguments, the magistrate reserved his orders till tomorrow

[michelclarck]

Satyam heads towards disaster with Rs 8,000 cr fraud


HYDERABAD: In the country's biggest corporate fraud involving about Rs 8,000 crore, iconic IT company Satyam was on Wednesday hurtling towards disaster following the shocking disclosure of accounts fudging by its founder Ramalinga Raju, who then quit as chairman - leaving an uncertain future for the company and its 53,000 employees.

By the end of the day, the fourth largest IT company lost a staggering Rs 10,000 crore in market capitalisation as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 at BSE. The NYSE-listed firm could also face regulator action in the US. The government, regulator SEBI and the industry reacted with shock and anguish over the turn of events that could tarnish India's corporate and raise vital issue like ethics, corporate governance and accounting and business practices.

Acting in tandem, Corporate Affairs Ministry and SEBI announced that the episode would be probed and action taken against the perpetrators of the fraud that entails inflating profits and creating fictitious assets. "I am now prepared to subject myself to the laws of the land and face consequences thereof," Raju said in a letter to SEBI and the Board of Directors, while giving details of how the profits were inflated over the years and his failed attempts to "fill the fictitious assets with real ones."

The Maytas firms, although promoted by his family, proved to be his nemesis, with Raju saying: "The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones... But that was not to be. What followed in the last seven days is common knowledge." While the government said the entire issue would be referred to the Serious Fraud Investigation Office, SEBI described it as an event of "horrifying magnitude."

"It was like riding a tiger not knowing how to get off without being eaten," said Raju.

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[Kalyan]

Satyam scam accused Ramalinga Raju gets bail

Ramalinga Raju, former chairman and founder of Satyam Computer along with his brother has been granted bail by the supreme court.

The CBI on Nov 3 had opposed to the bail pleas Ramalinga Raju and his brother Rama Raju, the main accused in the Rs 14,000 crore corporate fraud.

The CBI also said that if they would be released on bail, there was a possibilty of them tampering with evidence.

"Ramalinga Raju is highly influential and if he is released on bail, there is every possibility, almost to a point of certainty, that he would impede and interfere with the process of trial and make every effort to tamper with evidence and delay the trial," the CBI had said in reply to the bail pleas.



courtesy: http://news.oneindia.in/2011/11/04/satyam-scam-ramlinga-raju-gets-bail.html

source: one india