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: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it

Satyam to have new auditing firm
January, 13th 2009

The government-appointed Directors on Monday took charge of Satyam Computer Services and announced that they would appoint a new auditing firm within 48 hours to re-state the accounts. Also, they would immediately begin searching for a new Chief Executive Officer and a Chief Financial Officer.

The Directors said they were talking to banks for funds to disburse the employees January salaries. Banks would come forward with money only on being satisfied with the re-stated accounts. The Board would seek extension of time to announce the third quarter financial results. While working capital issues topped the priority, the option of merger was also open.

At a press conference after six hour-long deliberations at Satyam Infocity, new Board members Deepak Parekh, Kiran Karnik and C. Achutan said a new chairman would be elected after the appointment of other directors.

The Directors said they had talked to two independent auditing firms, which would submit their proposals by Tuesday. The accounts for the last three to four years would be looked into, as none had faith in the numbers produced so far. Price Waterhouse would continue to be the official auditors until the next annual general meeting.

Mr. Parekh said the books indicated huge amounts of receivables, as the company had marquee customers, virtually the AAA-rated whos who of global corporations. But the veracity of the figures had to be ascertained. Going by the available records, the debt against receivables was minimal. Restoring the confidence of customers, staff, suppliers and investors to ensure business continuity was uppermost in the Directors minds.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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