In 1993. Company by ‡ ‡ ‡ ‡ ‡ ‡ Ramalinga Raju along with one of his brother-in-laws. Satyam became the first Indian IT Company to get ITAA Certification for Y2K solutions. It was the first Company to enter Indian Internet Service market with the launch of Satyam Info ways ISP Service and was listed on NASDAQ.‡ It was found in June 1977 as a Private Ltd. . D. In June 1991. Satyam Computers got its first fortune 500 client. In May 1997. In 2001.S. Satyam became first ISO 9001:2000 Company in the world and was listed in NYSE. Satyam went public in May 1992 and its issue was oversubscribed 17 times. Raju. Satyam entered into a Joint Venture with Dun and Bradstreet.V.

Entertainment. Media. Power . Telecom. U.‡ Satyam Computer Services Ltd. ERP Solutions and consulting . Insurance. Banking. Healthcare. U. Infrastructure.S. Financial Services. Is one of the leading global consulting and IT Services Company offering a range of expertise in the areas of IT. Automotive.K. ‡ Specializes in customized IT Solutions for industries in the areas of Manufacturing. ‡ Satyam serves over 558 global companies including over 163 fortune 500 corporations.A.. . ‡ Satyam had nearly 6000 IT professionals who operated out of its state of the art software development centres located in India.

y The Satyam computer services scam was publicly announced on January 7 . the inflated prices of the stock helped the management in earning money . Raju . y According to the statement of Mr. the balance sheet shortfall is more than 7000 crore. y Due to the overstating in the balance sheet . 2009 y Chairman Ramlinga Raju confessed that the accounts were falsified .

10 .y Reports claim that insider trading prevailed in the company y The registrar of the company said that the top management senior officials and officers had sold shares in the market y Raju also had made dummy accounts to trade in Satyam shares .S $ 29. the shares peaked in 2008 at U. y In New York stock exchange .

y They are accused of criminal conspiracy. criminal breach of trust. cheating. .y Prime accused in the multi-crore accounting fraud in Satyam Computers were former Company chairman Ramalinga Raju and 6 others which included the M. Srisaila and auditor of Satyam Subramani Gopalakrishnan. forgery and falsification of accounts. Rama Raju. B.Venkatapati Raju. Ex-Satyam CFO Srinivas. former employees.D.

.y The balance sheet consisted of non existent assets and cash reserves that have been recorded and liabilities are not recorded . y In another report it is said that raju and his family sought benefits and build its shareholding in the company .

y The audit firm PW (Price Waterhouse) has named the following accounting professionals responsible for satyam scam : 1. . P Shiva Prasad 2. C . Srinivas taluri These auditors are held answerable for the 7000 crore corporate fraud .H Ravindranath 3. S Gopalakrishnan 4.

has filed a suit against the B. .y Satyam computer services which has been acquired by Tech Mahindra .certain employees and PW .O. negligence in performance of duties.D . y The suit is filed seeking damages for fraud .

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