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: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment :: form 3cd :: VAT Audit
 
 
General »
 Alarm bells over return of tax inspector raj
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes

Satyam turns corner under new management
January, 02nd 2010

When B Ramalinga Raju confessed to India's biggest corporate fraud on 7 January last year, most thought the scam had dealt a body blow to Satyam Computer Services, the highly successful outsourcing company he had founded.

However, a year later, the company survives albeit as Mahindra Satyam under its saviour, the tractors-to-software Mahindra group. Though the challenges of nursing a stricken company to health are by no means over, the company, under the new management, seems to have more than weathered the storm and its future as a going concern appears assured. The company has been able to even increase its client base and chart a fresh course, despite the rough weather it faced over the months.

The Satyam scandal came out in the open with Raju's letter informing the board that he had been falsifying revenue and profits for about six years to create a fictitious cash balance of $1 billion.

As the scam threatened to undermine international confidence in the Indian outsourcing industry, the government swung into action.

The government was quick to step in and replace Satyam's board with leading Indian corporate stalwarts and troubleshooters, including banker Deepak Parekh, and Kiran Karnik, former head of the IT industry association Nasscom. Karnik was appointed chairman of the caretaker board.

The newly constituted board hired KPMG and Deloitte to start the long task of restating the accounts, which is expected to be completed in the first half of 2010. The board then set about dousing the fires.

Employee salaries were on the top of the list of priorities of the new board as they set about revamping the stricken company. The board appealed to clients to pay receivables early and arranged bank loans.

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

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