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
 
 
Popular Search: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: VAT RATES :: cpt :: list of goods taxed at 4% :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 'Altered' DTC Bill likely in monsoon session, says Pranab Mukherjee
 Lawyers' bandh shuts down western Odisha
 GAAR may be thrown open to public debate
 GAAR application deferred by a year, amendments to provisions announced
 Investor awareness programme in Mangalore
 CBDT in soup for bypassing House
 TN seeks compensation till GST is introduced
 Jewellers to meet finance minister Pranab Mukherjee, hopeful of early resolution
 Only NRIs with unexplained wealth need to bother: CBDT chief
 ICAI National Cost Convention-2012 begins RPN Singh calls for public friendly Accounti
 Withdraw tax on unbranded gold jewellery, CM writes to PM and FM

Satyam cooked books to show Rs27,000 crore
April, 30th 2009

Specific figures that reflect the magnitude of the swindle at Satyam Computer Services Ltd are coming to light.

The books of the software services firm were inflated to the tune of Rs27,167 crore between the fiscal year ended 31 March 2001 and September last year, mainly by inflating cash and bank balances, showing fictitious fixed deposits, non-existent interest on them and understating liabilities and overstating debtors, said officials at the Serious Fraud Investigation Office, an arm of the ministry of corporate affairs.

This massive manipulation of accounts was done through a vulnerable invoice management system and a weak accounting system, the officials said, on condition of anonymity. They added that the company had inflated its exports by over Rs4,500 crore in past seven years.

A part of the foreign currency generated from exports in the past six years has also not been remitted into the country, and Rs1,940 crore generated from these exports have not come back to India either, they said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2012 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Victorian Jewelry | Estate Jewelry | Handmade Jewelry | Rose Cut Diamond | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Fashion India | Fashion Garments | Fashion Shows | Fashion Designers | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions