Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: list of goods taxed at 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS
« News Headlines »
 Tax Return Preparer (Amendment) Scheme, 2018
 Tax-saving for young earners simplified
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)

Satyam Fraud Trial to Be Fast-Tracked, Minister Says
September, 11th 2009

 Satyam Computer Services Ltd. founder B. Ramalinga Raju, accused of Indias biggest corporate fraud, will be tried in a one-time court within a year to circumvent a legal system with a backlog of 30.8 million cases.

We are waiting for the notification of the fast-track court and then we are in business, Corporate Affairs MinisterSalman Khurshid said in an interview in New Delhi. We dont have to give in to the traditional lethargy we suffer in the legal system. This we will be able to showcase in the Satyam trial as well and that will make quite a difference.

S. Bharat Kumar, Rajus lawyer, said he hasnt been informed about the fast-track hearing.

The government will try to show Satyam funds have been diverted and trace any real estate purchases and cash, Khurshid, 56, said yesterday. If wrongdoing is found, the funds can help pay for liabilities arising from a U.S. class-action suit, he said. Raju denies diverting funds and will respond to all charges in court, Kumar said.

Raju said in January he overstated the Hyderabad-based software providers assets by $1 billion, triggering a stock slump and government takeover. An expedited trial may help rebuild investor confidence after India slipped to 41st place, behind Mongolia, among the 183 nations ranked for protecting investors in the World Banks 2010 Doing Business Report.

If we can demonstrate to the world that we are serious in implementing the laws, that will bring in confidence, said Ashish K. Bhattacharyya, professor of finance and control at the Indian Institute of Management-Calcutta. It will help when the recession is over and India will be a desirable destination.

One-Time Court

The one-time court would serve only for the Satyam trial, unlike regular courts where a case has to wait its turn.

At the moment there is no such necessity, Hyderabad- based Kumar said in a telephone interview.

There were 30.8 million cases pending in Indian courts at the end of March, according to the Web site of the Supreme Court of India. The top court had 50,163 cases, it said. More than half the criminal cases pending before the Delhi High Court were older than 10 years, it said in the annual report for the year ended March 31, 2008.

The former Satyam chairman was on Sept. 7 admitted to the Nizams Institute of Medical Sciences in Hyderabad, where he has been detained pending trial since his arrest in January, following a suspected heart attack. His illness wont have an impact on the trial, Khurshid said.

Satyam declined 0.7 percent to 120.15 rupees as of 12:13 p.m. in Mumbai trading, compared with a less than 0.1 percent gain in the Bombay Stock Exchanges benchmark Sensitive index.

Maximum Penalty

Raju, who faces a maximum penalty of life in prison if convicted, on Jan. 7 said he falsified accounts that went undetected for years. His admission led to lawsuits from U.S. investors and new disclosure rules by Indian regulators. The Central Bureau of Investigation filed eight charges in a Hyderabad court on April 7 against Raju and eight other people.

Raju, 54, has been charged with offences including conspiracy, cheating and forgery, according to the bureau.

The Institute of Chartered Accountants of India has submitted its report from an inquiry conducted by the statutory agency and the government is studying the recommendations made, Khurshid said, without providing details.

Funds Diversion Probe

The Serious Fraud Investigation Office will submit its report to the Ministry of Corporate Affairs, Khurshid said, without providing a timeframe. The Directorate of Enforcement, under the Ministry of Finance, will continue its probe to see if any money has been diverted from Satyam, he said.

Tech Mahindra Ltd., partly owned by BT Group Plc and Indias largest maker of sport-utility vehicles Mahindra & Mahindra Ltd., gained control of Hyderabad-based Satyam in May after winning an auction held by a government-nominated board.

In the wake of the Satyam episode, the government has set up an early warning system to detect fraud and a pilot project with 50 companies is underway, Khurshid said.

The fact that people know this is in place would act as a deterrent, said Khurshid. The 50 companies participating in the project will provide feedback, he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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