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: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Satyam accounting fraud is turning murkier
December, 03rd 2009

The Rs 7,800-crore accounting fraud of Satyam Computer Services Ltd., now rebranded as Mahindra Satyam, is turning murkier. The CBI found that the fraud has come into being from April 1999 as opposed to 2001 considered earlier. The CBI, in its supplementary chargesheet filed on November 24 at the XIV Additional Chief Metropolitan Magistrate court, furnished evidence stating that the fraud actually started in 1999 and hence the fraud period is now being treated from April 1999 to December 2008. As a result, the process of restating books of accounts is likely to get delayed further.

According to the CBI chargesheet, a copy of which is available with Express, reveals that the accused - B Ramalinga Raju, Rama Raju and Suryanarayana Raju - have diverted Rs 72.5 lakh from Satyams accounts into family concerns - Elem Investment Co, Fincity Investment Co, Hi-Grace Investment Co, - during April, 1999. It further states that the diversion of funds took place without seeking necessary authorisations from the companys board. Besides, the accused have wrongly reflected the fund diversion as a provision for doubtful advances.

From this, it is clear that the fraud has come into being from April 1999 itself. Therefore, the fraud period is now being treated as from April 1999 to December, 2008, said the report.

With the CBI broadening the fraud period, auditing firms Deloitte and KPMG, which were mandated by the then Government-appointed board members of Satyam to restate accounts, may have to borrow additional time to complete the process.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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