Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: articles on VAT and GST in India :: empanelment :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Internal auditor faces charges in Satyam scandal
December, 02nd 2009

India's notorious Satyam Computer Services scandal has taken a turn for the worse, with the countrys Central Bureau of Investigation (CBI) laying new charges against 10 defendants regarding fake invoices, inflated revenues, unauthorised loans and attempted cover ups.

These come in a new 200-page charge sheet with 1,549 additional documents and 301 additional witnesses, filed on November 25, before the city court in Hyderabad.

The CBI, (referring to the accused collectively in an official communiqu), has laid charges of creating fake invoices to inflate revenues by US$94 million and forging company board resolutions to obtain unauthorised loans worth US$265 million.

This followed the arrest on November 21 of the companys former global head of internal audit V S Prabhakar Gupta, who has been charged with willful suppression of auditing irregularities. The accused include Satyam Computer Services ex-chairman Ramalinga Raju, former managing director Rama Raju, former chief financial officer Vadlamani Srinivas.

In the charge sheet CBI claims to have quantified the evidence about the wrongful gains made by the accused 10 and have identified 1,065 assets worth US$76 million acquired by them.

The investigative agency also claims to have collected more evidence against PricewaterhouseCoopers two auditors Subramani Gopalakrishnan and Talluri Srinivas, who have already been charged with knowingly certifying forged and inflated balance sheets. Further evidence collected revealed the role of two statutory auditors in the fraud, said the CBI communiqu.

Furthermore, the CBI said that it has in new evidence brought out the conspiracy amongst the accused to cover up the accounting scam in Satyam Computers through the acquisition of Maytas Properties Rajus family owned company and in the process cheating the investors of other companies.

The first charge sheet was filed in March this year against nine accused of the company, now called Mahindra Satyam after been sold to fellow IT services firm Tech Mahindra.

Commenting on the future course of action, the CBI official disclosed that it is contemplating to file more charge sheets pertaining to the diversion of funds and filing of income tax returns.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions