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Join the Securities Litigation and Enforcement Group on LinkedInSatyam case: Price Waterhouse gets 2-year ban in Satyam case – The Economic Times
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 […]
‘Laws of the Land’ Finally Catching Up to Former Satyam CEO, Part III | Compliance Week
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 […]
‘Laws of the Land’ Finally Catching Up to Former Satyam CEO, Part II | Compliance Week
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 […]
Satyam Shareholders in India Have No Recourse, No Recovery
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.
Former Satyam Directors Dodge Class Action over ‘India’s Enron’
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 CBI Charges Nine People, Including PwC Auditors, With Forgery and Fraud
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 […]
Satyam Computer Services Now “India’s Enron”
“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 […]