The tribunal had quashed the order but partly allowed disgorgement of the Rs 13 crore fee from In an interview to PTI, Gurnani said that even after ten years of Satyam Computer scam, "our systems still take a long time to get alerted to discrepancies which may lead to crisis situations". The former Infosys director said now the instances of auditors quitting listed firms "is happening more because Sebi banned Price Waterhouse for two years after the Satyam thing". Popular as CP in his peer group, he played a key role in the transformation of Mahindra Satyam and its eventual merger with Tech Mahindra. The Authority for Advance Rulings has said Mahindra Satyam will not face any penalty for non-deduction of tax on payments made to the US government.
Scandal at Satyam: Truth, Lies and Corporate Governance - [email protected]
Imagine a hypothetical scenario in the stock market where the very basic financials provided to you by a company are manipulated. This was what happened with Satyam Computer Services. The Satyam scam was finally exposed early in Today, we take a look at the scandal that hit the nation in the midst of a recession was carried out, its effects, and how it was dealt with.
Satyam Scam: Know about India's Biggest Accounting Fraud
The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal. What is the Satyam scam about? It is about corporate governance and fraudulent auditing practices allegedly in connivance with auditors and chartered accountants.
The Satyam Computer Services scandal was a corporate scandal affecting India -based company Satyam Computer Services in ,  in which chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified. On 7 January , the chairman of Satyam, Byrraju Ramalinga Raju , resigned, confessing that he had manipulated the accounts of Rs 14, crore in several forms. The global corporate community was said to be shocked and scandalised. In February , the CBI took over the case and filed three partial charge sheets dated 7 April , 24 November , and 7 January , over the course of the year.