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: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: empanelment :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4%
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Satyam books were inflated by Rs 27000cr: SFIO
May, 04th 2009

According to sources in the Serious Fraud Investigation Office (SFIO), the agency probing into the Satyam scam, the IT company's offshore exports were inflated by over Rs 4500 crore over a period of seven years. Further, foreign currency of Rs 1,940 crore from exports over six years was not remitted to India. Sources say the company inflated books by Rs 27,167 crore between financial year 2001 and September 2008. The inflation was done by falsifying cash, bank balances and fictitious fixed deposits (FDs). Adding to this, inflation was done by understating liabilities and overstating debtors. CNBC-TV18's Pranshu Sikka reports.

Here is a verbatim transcript of Pranshu Sikka's comments on CNBC-TV18. Also, watch the accompanying video.

We have picked up from sources that the SFIO has found that the exports have been inflated to the tune of over Rs 4,500 crore over the last seven years by Satyam. If you look at the exports vis--vis the Softex data that is available, the figure would stand at around Rs 4,550 crore. But if you look at it vis--vis the export advises then the figure would be more by another Rs 400 crore and would stand at around Rs 4,900 crore.

Besides this, SFIO sources say that they have also come to a conclusion that a part of currency, which has been generated from these exports, has not been remitted to India. They say that the amount to the tune of Rs 1,940 crore according to them is still unremitted.

Also, they say that the books of Satyam have been inflated to the tune of Rs 27,167 crore over the last eight years between FY01 to September 2008. This inflation has happened mainly on six accounts. One is by falsifying cash and bank balances, by showing fictitious FDs, by showing fictitious interest being accrued on those FDs, by showing understated liabilities and also by showing overstating debtors.

Sources say that SFIO has also come to the conclusion like we had stated earlier that all this has been made possible because of a very weak invoice management system as well as weak accounting practices, which the company was following.

 
 
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 Experience

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