Word: raju
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...India's standards of corporate governance, the manner in which the Rajus managed to forestall questioning by SEBI raises questions about the government's earnestness to bring the guilty to justice. SEBI's lawyer told the Supreme Court earlier this week that the regulatory body issued summons to Ramalinga Raju to appear before it in Hyderabad on Jan. 9, two days after Raju publicly confessed to falsifying the company's profits. But that same day, Raju surrendered to state police and once he was in custody, SEBI investigators couldn't touch him without a court order. (Rama Raju and Vadlamani...
...Following a Feb. 3 Supreme Court ruling, officials from SEBI now have access to jailed Satyam founder and chairman Ramalinga Raju, his brother Rama Raju, and former chief financial officer Srinivas Vadlamani. Although the men are in police custody and face criminal charges, SEBI, the country's stock market regulator, is the only Indian body with the expertise to investigate allegations that Satyam officials used Byzantine accounting chicanery involving illegal transfers of money between hundreds of shell companies, possible insider trading, money laundering, and other acts to inflate the company's profits and defraud shareholders...
...extent of the fraud is still unfolding. Investigators currently suspect that Satyam's founder and chairman, B. Ramalinga Raju, skimmed as much as $1 billion from the company. Raju, who has been arrested, admitted that he falsified Satyam's books and that profits were fictitious for several years. The company's true financial condition will not be known until new auditors KPMG and Deloitte are able to review accounts, which is expected to take four to six months. Even the exact number of Satyam employees is said to be inflated. Although Satyam claims to have 53,000 people...
...dilemma," says D. Ramesh Krishnan, another software engineer. "I have been with Satyam for 10 years ... I feel a certain affiliation to the organization. But I also worry about my future." On Jan. 15, several hundred Satyam employees gathered outside Chanchalguda prison in Hyderabad, where Raju is being held, to express support for their former boss. Indian corporate culture has long been grounded by an unspoken bond between workers and management that is based on loyalty and an employer's sense of responsibility for his charges...
...board may appoint investment banks to explore the possibility of finding a buyer for Satyam. Since then, board member Tarun Das has said the company was approached by a potential buyer. Board members insist the company has solid cash flow and can continue. Yet with fresh revelations about Raju's alleged malfeasance surfacing every day - the latest, that he deleted all his e-mails from his final month as CEO - there are fears that the company's liabilities may be so high that it may be forced to fold by the end of the year. Whether, and in what form...