The Satyam Scam Story:News and Videos

Posted by max On January - 20 - 2009

Satyam computers is a major IT company in India with more than 50,000 employees currently working in it. Satyam is a leading global business and information technology company, delivering consulting, systems integration, and outsourcing solutions to clients in over 20 industries.

The company came to the Limelight aftes the company’s chairman, Ramalinga Raju, resigned last week after admitting to years of accounting malpractices.

The whole thing was disclosed by the company’s chairman in front of media that he committed the huge fraud of Rs.7,800 crores. Its really strange as he himself seemed responsible for all this and now 53,000 staff members are tensed about their future.

The World Bank has also taken some major actions against Satyam. Here is a video for it.

The Government of India is desprately trying to help Satyam computers re-establish by financial aid and 3 new directors have also been appointed. They are:

Mr. Deepak S. Parekh, Chairman of HDFC

Mr. Kiran Karnik, former President of NASSCOM

Mr. C. Achuthan, Director at the National Stock Exchange, former Member of SEBI, and former Chairman of Securities Appellate Tribunal.

The initial investigations by the Registrar of Companies (RoC) into the Satyam scam has revealed large-scale selling of the company’s
shares by institutional investors just days ahead of Ramalinga Raju’s startling confession of sexed-up company accounts.

Highly placed official sources said that the Serious Fraud Investigation Office (SFIO) instituted to probe the scam would closely scrutinize some of these transactions since they have raised the suspicion of possible insider trading.