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 :: VAT Audit :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: cpt :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Finance dept, not HRD, managed Satyam payroll
April, 17th 2009

The payroll at tainted Satyam Computer Services was managed entirely by its finance department, while the IT firms human resources department only maintained the data base of its associates on SAP human resources network (SHINE).

Payroll was not run on SHINE, according to evidences provided to key investigating agencies probing the scam. These evidences are set to form the basis for the next phase of the investigation by the Central Bureau of Investigation (CBI), that is probing the recruitment process.

The role of Satyams erstwhile finance team has come in the spotlight after the firms disgraced founder confessed to perpetrating the Rs 7,000-crore financial fraud. The CBI reckons that Raju began an aggressive recruitment of employees to justify the inflated revenues.

The finance department connived with Raju to inflate sales by generating fake invoices in the invoice management system to show non-existent sales of Rs 5,117 crore. The average inflated sales was around 18%, according to the chargesheet filed by the CBI.

The agency has begun scrutinising the expenditure of Satyam to assess the quantum of money that went into paying salaries on bloated workforce.

Satyam has around 48,000 employees and investigating agencies have found validated this count. The HR department apparently had access control rights to SHINE, while the finance and a few other departments were able to view the data.

The finance department was provided with information on addition of new associates, resignation of existing ones and changes in the pay structure. But the pay-roll was processed on a system that the finance department had developed independently.

A new associate had to open a bank account in a designated bank and the account number was shared with both the HR and the payroll.

The payroll was made by a statutory compliance team. But, doubts are being raised, if the details of employees, who quit the firm, were deleted from the payroll.

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

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