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Action against ex-CFO in Satyam case within a week: ICAI
December, 26th 2011

Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week.

"The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalised by the Committee with a week's time," said president of the Institute of Chartered Accountants of India (ICAI) G Ramaswamy.

Srinivas Vadlamani was CFO of the Satyam Computer Services (now Mahindra Satyam) at the time when its founder chairman B Ramalinga Raju admitted to fudging the account books of the company.

The institute has been probing the Satyam case since January 2009 and has already served notices to several persons in connection with the case.

Earlier this month, ICAI had barred two Lovelock and Lewes auditors from practice for life and slapped penalty of Rs 5 lakh each for their role in the accounting scam.

In 2009, ICAI had set up a 6-member special committee to look into the fraud in Hyderabad-based IT company.

Following admission of fraud by Raju, the scam was probed by different agencies including CBI, the Serious Fraud Investigation Office (SFIO), the Securities and Exchange Board of India and ICAI.

The IT company was later taken over by Tech Mahindra, which has renamed it as Mahindra Satyam.

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