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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« ICAI »
 CPE Events 16th April - 21th April 2018
 Invitation to Members to Empanel as a Resource Person to Conduct Investor Awareness Program
 Accounting Policy Changes (Proposed amendments to IAS 8)
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15
 Group on Vision 2024 for Global Presence of Indian CAs
 Educational Material on Indian Accounting Standard (Ind AS) 103, Business Combinations
 Invitation to Empanel as a Resource Person to Conduct Various Programmes for the Benefits of Members in Industry.
 Reconstitution of Group for Review of Examination, Evaluation & Testing
 Advertisement for Invitining Consultants to work with ICAI Accounting Research Foundation on Applied Research Project (Chennai)
 Auditing and Assurance Standards Board – Expert Panel for Addressing Bank Branch Audit Queries for FY
 Revised Standard on Auditing (SA) 299, “Joint Audit of Financial Statements”

ICAI faults sale, calls it a 'speculative' deal
April, 16th 2009

Indias accounting standards regulator on Wednesday opposed the proposed sale of Satyam Computer Services to Tech Mahindra before restating the accounts of the scam-hit IT outsourcing company.

I am not happy with the deal as the companys correct financial position was not yet known, Institute of Chartered Accountants of India (ICAI) president Uttam Prakash Agarwal said here on Wednesday.

He said ICAI would decide on taking up the matter with the authorities concerned after its apex council meeting debates the speculative deal this week.
On Monday, the interim board of Satyam, appointed by the government to save the company with about 48,000 employees from collapsing, named Tech Mahindra as the highest bidder to buy a majority stake in Satyam.

Satyams financial accounts, which are being restated by audit firms KPMG and Deloitte after its founder and former chairman B Ramalinga Raju revealed a Rs 7,000-crore accounting fraud, is likely to take some more time.

The accounting regulators objection is based on the premise that the sale process has been initiated without knowing Satyams current financial position. Such a large deal has taken place without finalising the companys accounts and assessing its current valuation, Mr Agarwal said.

However, ICAIs objection is unlikely to make an impact on the strategic sale, which is being executed under the supervision of former chief justice of India SP Barucha as per a process laid down by the capital market regulator Sebi. The entire process is being done with the permission of the Company Law Board, an independent quasi-judicial body that adjudicates on company law matters.

Also, the government wants to execute the deal swiftly as it is important to find a new owner with resources and management expertise to bring Satyam back to a healthy and stable state before its clients and employees leave the company.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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