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% :: Central Excise rule to resale the machines to a new company :: form 3cd :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: due date for vat payment :: TDS
 
 
« News Headlines »
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes

Government seizes Satyams documents
January, 10th 2009

Union Minister of Corporate Affairs Prem Chand Gupta on Friday said a team of government officials probing the Rs.7,800-crore fraud in Satyam accounts had seized documents from the premises of the IT major and its records office in Hyderabad.

The procedure of seizure was on till five in the morning [Friday], Mr. Gupta told journalists here. The government, he said, has also sent an eight-member team to Hyderabad to inspect the accounts of Satyams eight subsidiary companies.

This followed the former Chairman B. Ramalinga Rajus confession on having doctored the parent companys accounts to present an inflated profit and performance picture.

Among the subsidiaries being investigated, as directed by the Ministry of Corporate Affairs (MCA), are Maytas Properties and Maytas Infrastructure.

The Ministry has asked the Hyderabad-based Registrar of Companies (RoC) to probe Satyams affairs while market regulator SEBI has also ordered an investigation.

After obtaining a judicial order from the magistrate in Hyderabad, the Registrar of Companies, in coordination with market regulator SEBI, went to the office of Satyam and seized the documents from its premises and the record office of the companyThe eight officers, who have been sent to Hyderabad, will be called inspectors on behalf of the government. They will carry out inspection under [section] 209A of the Companies Act, Mr. Gupta said.

Apart from Maytas Properties and Maytas Infrastructure, the other subsidiaries of Satyam under the scanner are Satyam BPO, Nipuna Services, Knowledge Dynamics, Nitor Global Solutions, CA Satyam ASP and Satyam Venture Engineering Services.

Mr. Gupta said the government was committed to protecting the interests of 53,000 employees, three lakh shareholders and Satyams clients.

We are concerned about all of them. Whatever is the best under the law, we will do, he said.

The chartered accountants apex body ICAI has decided to serve a show-cause notice on PricewaterhouseCoopers (PwC) by Saturday and ask for a report on the auditing done by it for the IT major within 15 days.

Show-cause notice

Our disciplinary committee will serve a show-cause notice to PwCand will ask them to submit a report within 15 days on all the auditing done by them on Satyam Computer Services accounts, ICAI president Ved Jain said here.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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