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: VAT Audit :: cpt :: empanelment :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits

Reports on financials not necessarily true: Satyam
December, 02nd 2009

Mahindra Satyam on Wednesday said its financials are not necessarily, even as investors were roiled by reports that the accounting fraud in the company could be double the initial estimate of Rs 7,800 crore.

"The company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the company's accounting records do not necessarily shed light on the present financial position and liabilities of the company," Mahindra Satyam said in a statement here.

After the CBI filed a supplementary chargesheet last week, there were reports that the financial scam in erstwhile Satyam Computers, led by B Ramalinga Raju, could be to the tune of over Rs 14,000 crore.

Although Satyam had reported profit for the December quarter, the new owner Mahindra has been given time until June 2010 to report financials, as per the orders of the Company Law Board of India.

This extension would also apply to publication of quarterly financial reports as required by the listing agreement, the company said.

Mahindra Satyam is currently defending certain lawsuits in the United States of America. The statement said that the company cannot currently quantify its potential liability in those lawsuits.

In a statement filed with the Securities and Exchange Comission in the US, the company had said last month that "Mahindra Satyam has received legal notices from 37 companies claiming a refund of Rs 1,230 crores (equivalent to USD 265 million), allegedly given as a temporary advance."

The companies claimed the money back to purportedly repay creditors, some of which include Maytas Properties Limited and Maytas Infra Limited.

Incidentally, the confession letter dated January 7, 2009, of the former chairman of the company (Raju) also referred to a net amount of Rs 1,230 crores arranged to the company by the 37 entities, the statement said.

Raju had, in the letter to the Board, also disclosed fudging the books for years. On November 14, 2009, Mahindra Satyam replied to the legal notices stating that the claims are legally untenable.

Commenting on the recent reports that the board resolutions were forged for obtaining loans of Rs 1,220 crore from banks without proper authorization, the company said it was not aware of the full details of these alleged loans. "However, to date no claims or demands in this regard have been asserted against the Company by any bank," Mahindra Satyam said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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