SATYAM COMPUTER SCAM

Satyam Computer Services Ltd. (NYSE: "SAY") is a leading global consulting and IT services company, offering a wide array of solutions customized for a range of key verticals and horizontals. From strategy consulting right through to implementing IT solutions for customers, Satyam straddles the entire IT space. It has excellent domain competencies in verticals such as Automotive, Banking & Financial Service, Insurance & Healthcare, Manufacturing, Telecom-Infrastructure-MediaEntertainment-Semiconductors (TIMES). As a diverse end-to-end IT solutions provider, Satyam offers a range of expertise aimed at helping customers reengineer and re-invent their businesses to compete successfully in an everchanging marketplace. Satyam's network spans 57* countries, across 6 continents. Nearly 42,500* dedicated and highly skilled IT professionals, work in development centers in India, the USA, the UK, the UAE, Canada, Hungary, Singapore, Malaysia, China, Japan and Australia* and serve over 570* global companies, including over 165* Fortune 500 corporations. We have strategic technology and marketing alliances with over 90* top-notch companies that help us provide end-to-end services to our customers. Satyam's need-driven deployment of domain and technology expertise brings to customers a range of solutions and products that enhance performance and competitiveness. Our unique RightSourcingTM delivery model allows us to leverage local competencies to offer global competitiveness to our customers. Our consulting and IT solutions have resulted in technology-intensive transformations that have met the most stringent of international quality standards. We have developed a unique quality hallmark, called eSCMSM (eSourcing Capability Model), for IT Enabled Services (ITES), in collaboration with Carnegie Mellon University and Accenture. We follow a specially developed Business Continuity Model (BCM), which allows us to continue mission critical operations of our customers, even in the most challenging of times. SM eSCM is a Service Mark of Carnegie Mellon University

Euro currency and engineering services (CADCAMCAE). a SEI-CMM Level 5 company. datamarts. conversion and migration. Singapore and the UK. HR and Technical interview Eligibility criteria: X: 65% (aggregate) XLL: 65%(aggregate) BE: 68% (aggregate) Well coming to the point I would like to tell you about the pattern. ERP Solutions. Satyam. Systems Integration. offers a range of expertise in the areas of Information Technology Software Development Services.* Figures as per quarter ended June 30. Group discussion 3. Actually it is a 30 min test and there are 15 questions. 2007 SATYAM Recruitment pattern: 1. These Centers work as an extended enterprise (IT partner) for over 150 Fortune 500 and multinational clients worldwide. a multifaceted. the USA. Written exam 2. Questions are very easy. who operate out of its state-of-the-art software development centers located in India. systems integration. totally integrated IT solutions provider is engaged in application development and maintenance. Satyam has nearly 6. It specializes in customized IT solutions for industries in the areas of Manufacturing.000 IT professionals. The most important thing is time management. I did not remember the questions 1: Aptitude test:CLOCKS TRAINS TIME AND WORK SI AND CI PYRAMID PROBLEM NO SERIES. Electronic Commerce and Consulting. Product Development. Japan. Internet access & hosting services. . ODD MAN OUT PROBLEM BASED ON CRICKET PROFIT AND LOSS 2: Group discussion Satyam.

a leading Indian outsourcing company that serves more than a third of the Fortune 500 companies. The company also offers Network and network-enabled services in India. e-mail. Telecom. significantly inflated its earnings and assets for years. Transportation. roiling Indian stock markets and throwing the industry into turmoil. It provides Internet access & hosting services.com 907 http://w w w . and online information services. Intranet. Top of Form Satyam Chief Adm By HEATHER TIM nytimes. EDI. the chairman and co-founder said Wednesday.Financial services. Healthcare and Power. store & forward. 2009) Company Statement . chairman of Satyam Computer Services. Satyam Chief Admits Huge Fraud Adeel Halim/Bloomberg News Ramalinga Raju. resigned Wednesday after disclosing he had systematically falsified accounts of the giant outsourcing company.nytim default JAN 08 2009 The New York Tim Bottom of Form NEW DELHI — Satyam Computer Services. Floyd Norris: A Corporate Hero Admits Fraud (January 7. Insurance.

30. Forrester said. and may force many large companies to investigate and perhaps revamp their back offices. after an October report that the company had been banned from World Bank contracts for installing spy software on some World Bank computers. Satyam is the fourth-largest outsourcing firm after the three named. In the four-and-a-half page letter distributed by the Bombay stock exchange. Raju said Wednesday that 50. Speaking of a “deep regret” and a “tremendous burden. In addition to India. In the short term “we will see lot of Satyam’s clients migrating to competition like Infosys. not knowing how to get off without being eaten. The size and scope of the fraud raises questions about regulatory oversight in India and beyond. . analysts with Forrester Research warned that corporations that rely on Satyam might ultimately need to stop doing business with the company. Raju said he had tried and failed to bridge the gap. Mr. of the 53. or $1. “What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. Satyam is even responsible for clients’ finances and accounting. the World Bank confirmed without elaboration on the cause that Satyam had been banned. It has attained unmanageable proportions as the size of company operations grew. Satyam has been under close scrutiny in recent months. B. handling everything from computer systems to customer service. Mr. had “taken one rupee/dollar from the company. On Dec. The company has been audited by PricewaterhouseCoopers since its listing on the New York Stock exchange. “This development is going to have a major impact on Satyam’s business with its clients.” He said the board had no knowledge of the situation. Raju said that neither he nor the co-founder and managing director. Satyam has been listed on the New York Stock Exchange since 2001. Satyam’s investors revolted after the company proposed buying two firms with ties to Mr. and the company’s operating margin was a fraction of what it declared. resigned after revealing that he had systematically falsified accounts as the company expanded from a handful of employees into a back-office giant with a work force of 53.04 billion.000 and operations in 66 countries. he said Wednesday in a letter to directors that was distributed by the Bombay Stock Exchange. Rama Raju. Nestlé and the United States government. In some cases.” they said. “Firms should take the initial steps of reviewing the exit clauses in their current Satyam contracts. TCS and Wipro. Satyam denied the accusation but in December. Ramalinga Raju.” in case management or direction of the company changed. Revenue for the quarter was 20 percent lower than the 27 billion rupees reported. were nonexistent. “It was like riding a tiger. General Motors. nor did his or the managing director’s families. Clients have included General Electric. Satyam serves as the back office for some of the largest banks.6 billion rupees in cash and bank loans the company listed as assets for its second quarter.” Mr.” he wrote. and on Euronext since January of 2008.” Mr. manufacturers.The chairman.” said analysts with Religare Hichens Harrison on Wednesday.4 billion rupees. Raju’s sons. health care and media companies in the world. analysts said. Raju described a small discrepancy that grew beyond his control. Also in December. including an effort in December to buy two construction firms in which the company’s founders held stakes. The revelations could cause a major shake-up in India’s enormous outsourcing industry. which ended in September.

Over 40 applications have come in so far. “I am now prepared to subject myself to the laws of the land and face consequences thereof. Shares in Satyam fell more than 70 percent. .The scandal raised questions over accounting standards in India as a whole. Mr. saying he was “pleased” that the company had “achieved this in a challenging global macroeconomic environment.” he said. But how deep and how wide is the rot inside India's fourth largest software company? Sources tell CNN-IBN the company is facing serious money crunch. and four of the company’s directors resigned in recent weeks.000 employees.” he said. the Andhra High Court dismissed Ramalinga Raju's revision petition against his police custody. managing director at Taurus Asset Management in New Delhi. Corporate affairs minister P C Gupta said on Monday evening that initial investigations suggest a clear nexus between Satyam. K. Meanwhile. and amidst the volatile currency scenario that became reality. as observers asked whether similar problems might lie buried elsewhere.110 crore to tide over the crisis and Rs 500 crore to pay the January salary to employees. Meanwhile a search is also on for a new CEO for the embattled IT firm. Raju said in his statement that he “sincerely apologized” to shareholders and employees and asked them to stand by the company. Satyam recently retained Merrill Lynch for strategic advice. News of the scandal — quickly compared with the collapse of Enron — sent jitters through the Indian stock market. Gupta. he surprised analysts with better-than-expected results.” But by late December. India strategist at Credit Suisse. and the benchmark Sensex index fell more than 5 percent. There is now also a question mark on the number of employees Satyam has. who do you believe here?” The fraud has “put a question mark on the entire corporate governance system in India. Just a few months ago. How they did it Investigators are now reportedly coming across evidence of insider trading by the promoters even before the scandal broke. It is reported that Satyam has 53. it seems he had little support from the board or investors. But SEBI still did not get to question Raju on Monday as a court order on the body's petition to question him was postponed till January 22. Network-18 learns that the board is looking at a 10-day time period to pick someone to head the company. a move that is generally a precursor to a sale. In October. told Reuters: “If a company’s chairman himself says they built fictitious assets. said Nilesh Jasani. Mr. and needs Rs 1. Raju was trying to persuade investors that the company was sound. They are also looking into their e-mails and phone records over the last one month. New Delhi/Hyderabad: The Serious Fraud Investigation Office will probe also Maytas infrastructure as part of the Satyam financial scam probe. The risk premium for Indian companies will rise in investors’ eyes. Meanwhile the CID is questioning the Raju brothers and former Satyam CFO Vadlamani Srinivas . R. Andhra chief minister Y S R Reddy reiterated his government did not flout any rule in awarding the Hyderabad metro rail project to Maytas. Maytas properties and Maytas infrastructure Earlier.

or quality — and hasn't gotten your approval first — you may treat the substitutions as unordered merchandise. Raju's holding was 16 per cent which fell to 14 per cent in 2005. In September 2002. Sources say they include one Kiran Cavale who reportedly sold 400.27 per cent. The Federal Trade Commission suggests a few simple precautions to protect organizations from paying for goods and services they didn't order. Five Steps to Avoiding Office Supply Scams Businesses.The big takeaway from the Registrar of Companies report is that the top management of Satyam . it fell to 21. any restrictions on getting or using them. In 2004.000 ADRs. In 2007 it was in single digit. In June 2001. Who sold what? Raju has claimed that no one else in the company was privy to the fudging of accounts. Know your rights. The reports say Satyam books have been overstated by Rs 5. quantity.4 per cent. Apart from these.000 crore.000 ADRs and one Rajan Nagarajan who reportedly sold 430.000 ADRs.50. size. from labels to light bulbs.000 shares and 10.the directors and senior officials . his share was down to 22. they must tell you the total cost of the products or services they're offering. What's more.sold shares ahead of the Big Bang revelation by Raju. According to the Rule. if the seller sends you items that are different from your order in brand. And before you pay. If you receive supplies or bills for services you didn't order. It's illegal for a seller to send you bills or dunning notices for merchandise you didn't order or ask you to send back the merchandise — even if the seller offers to pay the shipping costs. Raju had nearly 23 per cent shares. 11 per cent in 2006. churches.000 shares plus 2. either. and fraternal and charitable organizations are losing millions of dollars to bogus office supply firms. BSE figure also show Vadlamani sold 92. groups or associations.538 shares while the then CEO Ram Mynampati sold 700.6 per cent which fell a year later to just over 19 per cent. toner to toilet paper. But exclusive information with CNN-IBN suggests insider trading. telemarketers must tell you it's a sales call — and who's doing the selling — before they make their pitch. The FTC's Telemarketing Sales Rule offers other protections in business-to-business sales of non-durable office or cleaning supplies and most sales of goods or services to individuals. At the same time. BSE figures show a number of senior people in the company. don't pay. leading to an inflated stock price that helped the top management make money.000 shares and 70. We've also attached a tip sheet — Inter-Office Memo: Don't Get Bilked by an Office Supply Scam — that you can adapt to your organization and distribute to staff. Treat any unordered merchandise you receive as a gift. By December that year. type.000 to Rs 6. 1. Treat unordered services the same way. Any organization that lacks adequate purchasing controls can become a victim of an office supply scam. you should consider the possibility that the seller has made an honest mistake. Don't return the unordered merchandise. . By September 2008 Raju's share was just 8. other senior officials also reportedly sold large number of shares. including Raju and CFO Vadlamani were reportedly selling Satyam's shares over the last 22 quarters.

In addition." For example. In addition. Legitimate companies don't use pressure to force a snap decision. Designate certain employees as buyers. The buyer also should send a copy of every purchase order to the accounts payable department. and also one of the most underreported. and keep blank order forms secure. the receiving employee should verify that the merchandise matches the shipper's bill of lading and your purchase order. and develop some standard operating "buying procedures. Oct. local consumer protection office or Better Business Bureau. don't pay any supplier unless the invoice has the correct purchase order number. Finally. older adults represent "12 percent of the U. 2011 /PRNewswire via COMTEX/ -. When merchandise arrives. 3. Reconcile bills for services the same way. and refuse any merchandise that doesn't match up or isn't suitable for your equipment. the designated buyer should issue a purchase order to the supplier that has an authorized signature and a purchase order number." Scams and swindles deprive older adults of . consider asking new suppliers to send a catalog first. That is. and the Bank of America Charitable Foundation--Savvy Savings Seniors: Steps to Avoid Scams--is helping to educate older adults about how to protect themselves from financial abuse and scams. Check all documentation before you pay the bills. 18. According to USBoomers. Report fraud.and whether a sale is final or non-refundable. Financial fraud is one of the most common forms of elder abuse.Seniors. Professionals. Train the staff. If you want to sell us something. you must speak to ______________ and get a purchase order. 2. or your state Attorney General. and the information on the invoice matches the purchase order and the bill of lading. population. it's against the law for telemarketers to misrepresent any information about the goods or services they're offering. Advise employees who are not authorized to order supplies and services to say.S. buy only from people you know and trust. The order form should tell the supplier to put the purchase order number on the invoice and bill of lading. The purchase order can be electronic or written. Be skeptical of "cold" or unsolicited calls and practice saying "no" to high pressure sales tactics. and those who pay the bills. 5. and Caregivers Can Learn Tips to Protect Vulnerable Older Adults A new toolkit from the National Council on Aging (NCOA). Pay special attention to brands and quantity. Report office supply scams to the FTC. 4. "I'm not authorized to place orders. but are 35 percent of all fraud victims. consider sharing your experiences with other businesses in your community to help them avoid similar rip-offs. Assign designated buyers and document your purchases. New Tools Help Seniors Avoid Scam WASHINGTON. If everything is in order. For each order. Train all staff in how to respond to telemarketers." Establish a team that includes the employees who buy and receive merchandise or services. the receiving employee should send a copy of the bill of lading to the accounts payable department. produced in partnership with the Women's Institute for a Secure Retirement (WISER).com.

NCOA is a national voice for older Americans and the community organizations that serve them. As the only organization to focus exclusively on the unique financial challenges that women face." said Sandra Nathan. "We must acknowledge that helping to protect seniors from scams is a vital component to ensuring their safety and financial independence." said Cindy Hounsell. home-ownership. and remain active in their communities. divorce.twitter. and ashamed. NCOA's mission is to improve the lives of millions of older adults. following the release of a guide on money management skills earlier this year. the toolkit includes step-by-step instructions for professionals to facilitate a workshop with older clients. such as seniors. The Savvy Saving Seniors toolkits are part of a larger initiative between NCOA and the Bank of America Charitable Foundation to provide one-on-one financial assistance to over 1.facebook. "This toolkit helps older adults identify the common forms of financial fraud." said Kerry Sullivan. Bank of America is delivering on a 10-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their . WISER supports women's opportunities to secure adequate retirement income through research. fearful. and can leave them feeling confused. "We hope that this toolkit enables older adults to acquire the knowledge and skills they need to avoid scams and remain in control of their income and assets. workshops. but especially older women -. president of the Bank of America Charitable Foundation. WISER also operates the National Education and Resource Center on Women and Retirement planning. long-term care and disability insurance. For additional information on this toolkit and how to get help. NCOA works with thousands of organizations across the country to help seniors find jobs and benefits. pay equity. "Everyone can benefit from financial education--but it's especially important for vulnerable populations.wiserwomen." To participate in a free webinar on Oct. DC. pensions. 24th on how to use the toolkit.the prime targets of financial scams. businesses. senior vice president of economic security at NCOA.com/NCOAging | www. need the very best information to protect their income and assets and avoid financial exploitation. savings and investments. live independently. and government to develop creative solutions that improve the lives of all older adults.their hard-earned assets and retirement savings. president of WISER. improve their health.200 older adults experiencing economic distress over the next year. www. banking.org | www. and a list of signs for caregivers and family members to look for when concerned about their loved one.org About Bank of America Corporate PhilanthropyBuilding on a long-standing tradition of investing in the communities it serves." The toolkit is the second in the Savvy Saving Seniors financial education series. It brings together nonprofit organizations.NCOA. who may have little income and resources. click here. About NCOA The National Council on Aging is a nonprofit service and advocacy organization headquartered in Washington. and partnerships.com/NCOAging About WISERThe Women's Institute for a Secure Retirement is a nonprofit organization established in 1996 dedicated to the education and advocacy that will improve the long-term financial quality of life for women. In addition to offering typical scam scenarios. It creates consumer publication that explain in easy-to-understand language the complex issues surrounding Social Security. and take action to protect their hard-earned resources. "All seniors. www. please click here. especially those who are vulnerable and disadvantaged.

bankofamerica. making the bank one of the largest corporate cash donors in the United States. As a global company doing business in more than 100 countries.com/foundation . Funded by Bank of America. For more information about Bank of America Corporate Philanthropy. Bank of America approaches investing through a national strategy under which it works with local leaders to identify and meet the most pressing needs of individual communities.neighborhoods. Reaffirming a commitment to develop and sustain a culture of service. . the Bank of America Charitable Foundation gave more than $200 million in 2010. please visit www. bank associate volunteers contributed more than one million hours in 2010 to enhance the quality of life in their communities worldwide.

Master your semester with Scribd & The New York Times

Special offer for students: Only $4.99/month.

Master your semester with Scribd & The New York Times

Cancel anytime.