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Read more with google mobile : Fraud-hit Indian IT firm vows to fight on
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Fraud-hit Indian IT firm vows to fight on AFP - 1 hour 7 minutes ago MUMBAI (AFP) - - Bosses at Indian outsourcing giant Satyam Computers vowed Thursday that the company would remain in operation despite being rocked by revelations of a billion-dollar accounting fraud. Interim chief executive Ram Mynampati said he and senior colleagues were shocked at disclosures made by founder-chairman B. Ramalinga Raju that company accounts and assets had been falsified and profits inflated. But he insisted that neither he nor other board members knew of the scam, which has also prompted the company's managing director and chief finance officer to tender their resignations. "We are shocked at the disclosures. Our aim is to ensure that the business continues," he told a packed news conference at Satyam's Hyderabad headquarters. An internal probe was now under way into the "accuracy and legality" of Raju's statement and a full assessment of the actual finances of the company, which is India's fourth-largest software exporter, he added. Staff had been paid wages for December but Mynampati could not say whether there were funds to cover January as the liquidity position of the company "was not healthy". Raju, who resigned Wednesday, is currently in Hyderabad, his lawyer said, but the company has not filed a police complaint against him for fraud. Asked why not, Mynampati said: "Our first step is to look at reality of the situation, based on Raju's statements. Once we come to a proper conclusion, we will take the most appropriate step to protect the interest of the company." PriceWaterhouseCoopers, whose role has come under scrutiny, remained the firm's auditors, he added. Amid concern about the company's future after stocks lost nearly 80 percent of their value, senior management had directly contacted their top 100 clients to brief them of developments, the executive said. The company would now "evaluate all options" to improve its future and secure the posts of its estimated 53,000 staff, he added. "The Satyam of today is different from the Satyam of yesterday. We vow to strengthen corporate governance and maintain full transparency," he added. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business US-BUSINESS SummaryReuters - 19 minutes ago Wall Street drops on Wal-Mart and spending fearsReuters - 19 minutes ago SNAPSHOT - Financial Crisis - 1540 GMTReuters - 20 minutes ago Oil prices fall again with jobless claims risingAP - 22 minutes ago UK interest rates cut to lowest since 1694AP - 23 minutes ago Enlarge Photo Fraud-hit Indian IT firm vows to fight on Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Marks & Spencer to axe 1,230 jobs and close 27 stores Israel approves tougher war on Hamas Finance fights sex for Aussie dictionary honour Pink iguanas discovered on Galapagos Islands Shares skyrocket as Porsche takes over Volkswagen View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Thursday, 8 January 2009 - Fraud-hit Indian IT firm vows to fight on