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India’s capital market regulator has banned global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two years for its alleged role of collusion with the directors and employees of erstwhile Satyam Computer Services in perpetrating the country’s biggest corporate accounting scandal. via Satyam case: Price Waterhouse gets 2-year ban in Satyam […]
Yesterday in Hyperabad, India, B. Ramalinga Raju, former chairman and CEO of Satyam Computer Services, was found guilty and sentenced to seven years in prison for his role in “India’s Enron” — a $1 billion accounting fraud that was revealed in 2009. via ‘Laws of the Land’ Finally Catching Up to Former Satyam CEO, Part […]
Yesterday, an Indian trial court sentenced Ramalinga Raju, former chairman and CEO of Satyam Computer Services, as well as his brother and three others to six months in prison and fines for their role in the massive financial fraud that is regarded as “India’s Enron.” A verdict in a second case against Raju with potentially […]
While U.S. shareholders secure a $125 million settlement, Indian shareholders in Satyam have had no such luck and their prospects for any future recovery are bleak.
Indian business leaders who got swept up in the accounting scandal known as “India’s Enron” escaped a U.S. shareholder class action this week, thanks to their lawyers at Weil Gotshal & Manges, Cooley, and Debevoise & Plimpton. In a 71-page ruling issued on Wednesday, U.S. District Judge Barbara Jones in Manhattan dismissed securities fraud claims […]
India’s Central Bureau of Investigation charged nine people, including auditors from PricewaterhouseCoopers, with forgery and fraud today after concluding its investigation into Satyam Computer Services. The NY Times reports that after a 45-day investigation, the CBI stated that it was charging six employees from Satyam Computer Services, two auditors from PricewaterhouseCoopers and an outside adviser […]
“It was like riding a tiger, not knowing when to get off without being eaten.” So said B. Ramalinga Raju, chairman and chief executive of Satyam Computer Services, who resigned after confessing to falsifying the company’s financial records in a $1 billion fraud. The Satyam fraud has been immediately dubbed “India’s Enron” by many. Raju […]