Word: vadlamani
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Dates: during 2009-2009
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...April 7, India's federal crime bureau filed charges against nine people including Raju, Satyam's former chief financial officer Vadlamani Srinivas, former managing director Ramadan Raju and two former external auditors of Price Waterhouse. All of them are currently in jail...
...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 were also later arrested.) SEBI's petitions to question the accused were denied by two Andhra Pradesh courts, forcing regulators to take their case to the Supreme Court...
...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...
...when news broke of a $1 billion corporate-accounting fraud at Satyam Computer Services, the scandal has been called India's Enron. There are many similarities: inflated assets, a disgraced but politically powerful chairman, an auditor under a cloud, even an attempted suicide. (Satyam's chief financial officer, Srinivas Vadlamani, was unsuccessful. Enron executive J. Clifford Baxter died.) There is one big difference. Enron imploded, and its employees were kicked to the curb. But Satyam's workers, who number about 50,000, may be spared sweeping layoffs...
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