Audit firm PWC has filed a suit against former chairman of Satyam B Ramalinga Raju and others claiming damages of Rs 100 crore for "deliberately" concealing key information that led to the Rs 14,000-crore accounting fraud.
Mahindra Satyam (after Tech Mahindra-acquired Satyam )filed a suit in city civil court, Hyderabad, seeking damages from PW and former Satyam Board for "inter-alia perpetrating fraud, breach of fiduciary responsibility, obligations and negligence in performance of duties".
Last year, Mahindra Satyam (after Tech Mahindra-acquired Satyam) had agreed to pay USD 125 million (over Rs 587 crore) in an out-of-court settlement to end a bunch of class action suits filed in the US.
US SEC has in April, 2011 imposed a penalty of USD 17.5 million jointly on Satyam Computers, PriceWaterhouse India and affliates auditors for the accounts bungling that went undetected for several years
Satyam agreed to pay a fine of USD 10 million towards settlement of charges of fraudulently "overstating the company's revenue, income and cash balances by more than USD 1 billion over five years.
SEC asked PriceWaterhouse India to pay USD 6 million in penalty for conducting "deficient audits of the company's financial statements and enabling a massive accounting fraud to go undetected for several years
Satyam Accounting Fraud
Re-Statement of Accounts
As a result of the accounting fraud, Satyam Computer Services restated its financial results for the period 2002 to 2008 and the same published in September 2009.
NOTE: Satyam was taken over by the Mahindra group in 2009 and rechristened it as Mahindra Satyam, after its founder Ramalinga Raju admitted to an about Rs 14,000-crore accounting scam in 2009.On 13th April 2009, via a formal public auction process, a 46% stake in Satyam was purchased by Mahindra & Mahindra owned company Tech Mahindra, as part of its diversification strategy. Effective July 2009, Satyam rebranded its services under the new Mahindra management as "Mahindra Satyam"
Mahindra Satyam (after Tech Mahindra-acquired Satyam )filed a suit in city civil court, Hyderabad, seeking damages from PW and former Satyam Board for "inter-alia perpetrating fraud, breach of fiduciary responsibility, obligations and negligence in performance of duties".
Last year, Mahindra Satyam (after Tech Mahindra-acquired Satyam) had agreed to pay USD 125 million (over Rs 587 crore) in an out-of-court settlement to end a bunch of class action suits filed in the US.
US SEC has in April, 2011 imposed a penalty of USD 17.5 million jointly on Satyam Computers, PriceWaterhouse India and affliates auditors for the accounts bungling that went undetected for several years
Satyam agreed to pay a fine of USD 10 million towards settlement of charges of fraudulently "overstating the company's revenue, income and cash balances by more than USD 1 billion over five years.
SEC asked PriceWaterhouse India to pay USD 6 million in penalty for conducting "deficient audits of the company's financial statements and enabling a massive accounting fraud to go undetected for several years
Satyam Accounting Fraud
Re-Statement of Accounts
As a result of the accounting fraud, Satyam Computer Services restated its financial results for the period 2002 to 2008 and the same published in September 2009.
NOTE: Satyam was taken over by the Mahindra group in 2009 and rechristened it as Mahindra Satyam, after its founder Ramalinga Raju admitted to an about Rs 14,000-crore accounting scam in 2009.On 13th April 2009, via a formal public auction process, a 46% stake in Satyam was purchased by Mahindra & Mahindra owned company Tech Mahindra, as part of its diversification strategy. Effective July 2009, Satyam rebranded its services under the new Mahindra management as "Mahindra Satyam"
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