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 STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
General »
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court
 Taxes under GST 'to increase a bit', says CBEC Chairman

Centre yet to assess magnitude of Satyam fraud
August, 22nd 2009

The Centre is yet to assess the magnitude of the fraud at Satyam Computer Services and find concrete proof of fund diversion by its founder B Ramalinga Raju, who confessed to cooking the IT firm's books in January this year.

"The Enforcement Directorate and Internal Revenue Service are not looking at criminal culpability, but only probing charges on fund diversion to destinations outside India and among the firms promoted by Raju. I cannot quantify the size of the fraud, but can only say that it is huge," said Salman Khurshid, minister of corporate affairs.

CBI, the apex agency probing the fraud, has completed its investigations and has gathered enough evidence for prosecution. The Andhra Pradesh High Court has also given an in-principle nod for setting up a separate court to expedite trial in the Satyam case.

Even as investigations continue by the ED, the MCA has decided to institute an early-warning system to prevent recurrence of corporate frauds, he said.

Parallely, SEBI has enforced a peer audit review of the accounting statements of all Nifty and Sensex companies to avoid recurrence of a financial fraud. The Institute of Chartered Accountants (ICAI), which oversees auditors, will take disciplinary action against erring auditors and terminate their licences to audit accounts.

The role of auditors came under the spotlight as they were charged of conniving with the promoters of the tainted firm in perpetrating a Rs 7,000-crore fraud. Questions were also raised on the accountability of independent directors as they failed to detect the fraud at an early stage.

Hence, a restriction is likely to be imposed on the number of directorships that a person can hold in companies, he said. Independently, Sebi chairman CB Bhave also reckoned there was a need to examine the issue of independent directors being on boards of several companies.

Raju's brother, B Rama Raju, who was also the managing director of the firm, was named in the class-action suits. The government exchanging notes with the US Securities and Exchange Commission (SEC) to resolve the pending class action suits filed by Satyam investors in the US, Mr Khurshid said.

In April, the government-nominated Satyam board cleared the strategic sale of Satyam to Pune-based Tech Mahindra to protect the interest of investors, clients and 46,000 employees.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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