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: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: form 3cd :: TDS :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARD
« News Headlines »
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

Satyam scam: Team confers with CBI
July, 25th 2009

A three-member team of the United States Securities and Exchange Commission (popularly known as SEC), the federal agency that regulates securities industry in U.S., on Friday, exchanged notes about the progress of investigation into the Rs.7,000 crore Satyam Computers fraud with Ashwani Kumar, Director of Central Bureau of Investigation (CBI), and other officials.

This was the first time that the multi-disciplinary investigation team (MDIT) of CBI confronted SEC after it sought the Central government and CBIs permission to investigate the fraud in India. The U.S. team, representing the Division of Enforcement of SEC, comprised leader Reid Muoio and his assistants Eric Hubbs and James Valentino. They met the senior management of Mahindra Satyam and auditors of KPMG who are involved in restatement of accounts of the company on Thursday.

The MDIT head, V.V. Lakshminarayana, told The Hindu that the U.S. delegation discussed with them how the scam occurred and how to fill the loss of investors in the Satyam scrip that was listed on the New York Stock Exchange (NYSE). They wanted to know the role of promoters of the company and the Price Waterhouse audit firm whose partners were arrested in the fraud.

The visitors were mainly looking into loss suffered by shareholders and had extensive discussions with officials of Securities and Exchange Board of India (SEBI) which was SECs counterpart in India, he added.

Meanwhile, the court which is trying the Satyam fraud on Friday heard petitions by former Satyam chairman B. Ramalinga Rajus sons, Teja Raju and Rama Raju (Junior), against freezing of their bank accounts by CBI. Mr. Rama Raju Jr. also wanted the CBI to return to him the personal computers, laptops and pen drives seized during raids on their premises after the scam assumed serious proportions in January.

CBI counsel Balla Ravindranath argued that the accounts of Rajus in HDFC Bank were suspected to contain funds diverted by Satyam.

If the court permitted defreezing of accounts, the brothers might withdraw the entire amount in a single day. If investigation by the agency proved that the funds indeed had been diverted, they might have to be confiscated by the government subsequently.

Orders reserved

The counsel informed the court that the computers, laptops and pen drives could not be returned as they were sent to forensic lab for examination. Mr. Rama Raju Jr. wanted them because they contained material for the doctoral thesis of his wife. The magistrate reserved orders for August 13.

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

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