InfoAnda - 3rd Satyam exec detained after fraud scandal

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

South Korea revised Feb exports down 18.3 pct | 16 March 2009
US-ENTERTAINMENT Summary | 12 October 2010
Blockbuster offers streaming for Dish customers | | 24 September 2011

World's longest tunnel completed under Swiss Alps | 15 October 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : 3rd Satyam exec detained after fraud scandal

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: 3rd Satyam exec detained after fraud scandal By SAM DOLNICK,Associated Press Writer AP - Sunday, January 11 NEW DELHI - Indian police arrested the chief financial officer of embattled outsourcing giant Satyam Computer Services Ltd. on Saturday, the third executive to be charged in a massive fraud scandal that threatens to roil India's flourishing tech industry. The arrest of Vadlamani Srinivas came as authorities tried to contain the $1 billion fraud scandal by dissolving the company's board, including the interim head, and announcing plans to name 10 new replacements. The scandal broke Wednesday when Satyam's founder and former chairman, B. Ramalinga Raju, confessed to filling the company's balance sheets with "fictitious" assets and "nonexistent" cash in an extraordinary letter to the company's board. The company _ which is now fighting for its life _ could no longer conceal the $1 billion hole after a deal intended to save the struggling company was abandoned, Raju said in the letter. He resigned from Satyam _ Sanskrit for "truth" _ that day, along with his brother, former managing director B. Rama Raju. The siblings have been arrested and were charged Saturday with criminal conspiracy, forgery, criminal breach of trust and falsifying documents, said senior police official V.S.K. Kumudi. They face up to life in prison, he said. Srinivas, the third-ranking executive at Satyam, was arrested and charged with the same offenses Saturday night, Kumudi said. Satyam, which is headquartered in the southern Andhra Pradesh state, employs 53,000 people _ among the 2 million Indians working in the country's booming high-tech industry, which last year brought in an estimated $40 billion. The company's clients include a slew of Fortune 500 companies including Nestle, General Electric and Ford Motors. Corporate Affairs Minister Prem Chand Gupta dismissed Satyam's board late Friday night and in an official statement condemned "the greed and misdeeds of a few persons who were at the helm of affairs of the company." The statement said the central government will appoint 10 people "to function as directors of the company," but no one had been named to the seats. Although Satyam is a publicly traded company, the government is able to intervene in extraordinary circumstances to stabilize the company. Gupta told reporters the new board would hold its first meeting in one week and will appoint a new management team. Archana Uttapa, a Satyam spokeswoman, said the company did not know who would be named to the new board. A board meeting previously scheduled for Saturday was canceled, she said. Uttapa said the "business side continues," with work scheduled to return to normal on Monday. She denied Indian media reports that the company was considering firing 10,000 employees. While media have speculated about mass layoffs and whether the company can meet its payroll, Uttapa said employee salaries have been paid through December and cleared for January. She declined to comment further. Gupta expressed concern that the scandal would bleed beyond Satyam's offices and into the rest of the outsourcing industry, which has been a catalyst of India's economic growth in recent years. "The Satyam case is an aberration," he said. "The credibility of the Indian corporate sector in general, and IT sector in particular, should not be allowed to suffer because of this." The president of the Confederation of Indian Industry said the Satyam scandal _ already being called "India's Enron" _ could have a ripple effect far beyond the company's employees. K.V. Kamath said hundreds of thousands of workers outside Satyam could also be affected by the scandal, according to the Press Trust of India news agency, although he did not explain how. A judge on Saturday ordered Raju and his brother to be held in judicial custody until Jan. 23 while the investigation continues, said Raju's lawyer, S. Bharat Kumar. Police questioned the brothers throughout Friday night but Raju, who has diabetes and hypertension, saw a doctor at 3 a.m. for complaints of discomfort and chest pain, said Kumar. Beginning Monday, the Bombay Stock Exchange will replace Satyam with Sun Pharmaceuticals Ltd. on India's benchmark Sensex stock index. The scandal comes at a delicate time for India's information technology companies, which are struggling against a global slowdown and waning economic growth at home. India's IT firms derive 40 percent of their global revenues from financial services clients. Holders of the company's U.S.-listed shares _ which have been halted from trading on the New York Stock Exchange while regulators investigate _ have filed at least two class action suits against Satyam, the law firms representing the investors said in separate statements. The suits filed by Vianale & Vianale LLP and Izard Noble LLP allege Satyam and its top executives issued false and misleading financial statements and violated federal securities laws, said the statements on their Web sites. Five more lawsuits were reportedly filed in the United States by Glancy Binkow and Goldberg LLP, Harwood Feffer LLP, Federman and Sherwood LLP, Finkelstein Thompson LLP, and Brodsky and Smith LLP, according to Mint, an Indian business newspaper. ___ Associated Press reporter Omer Farooq contributed from Hyderabad, India. (This version CORRECTS police official's name to V.S.K. Kumudi) 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 Naftogaz head: no deal with Gazprom on '09 supplyReuters - 1 hour 51 minutes ago GlobalPost offers world news to ailing U.S. papersReuters - 1 hour 55 minutes ago SNAPSHOT - Financial Crisis - 1905 GMTReuters - 2 hours 2 minutes ago China announces aid package to assist poor: state mediaAFP - 2 hours 9 minutes ago SAfrica's ANC launches its campaign manifestoAP - 2 hours 15 minutes ago Most Popular – Business Viewed Citigroup: 2-billion-dollar exposure to LyondellBasell Is Tintin gay? Cartoon birthday boy dogged by rumours Half the planet could be hit by food crisis by 2100: study Marks & Spencer to axe 1,230 jobs and close 27 stores Finance fights sex for Aussie dictionary honour View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Sunday, 11 January 2009
Iran disputes report on suicide volunteers
Russia, EU agree plan to resume Europe gas supply
Fans of Mafia supremos get comeuppance on Facebook
Iraqi govt won't forcibly evict Iranians
Obama's team touts stimulus
Three down, one left for Mitsubishi in Dakar
Nine-Year-Old Missing Girl Found By Police Using Google Street View
Peanut Butter Eyed As Nationwide Salmonella Outbreak Culprit
USS George HW Bush Aircraft Carrier Commissioned
Chief of fraud-hit Indian IT firm in prison
Japanese foreign minister visits Thailand for political talks
Indonesia, France disappointed by rebuffal of UN resolution in Gaza: Yudhoyono
Venus leads Americas to victory in Hong Kong team event
China announces aid package to assist poor: state media
China house prices fall for first time since 2005: state media
China denies closing rail industry to foreign manufacturers
3rd Satyam exec detained after fraud scandal
Attorney: 'Idol' star's NC home won't be auctioned
China forecasts 188 million rail passengers over Lunar New Year
Israel and Hamas vow to fight on in Gaza
Russia signs gas deal with EU | International |
Ukraine signs Russian gas transit deal: Ukraine PM
Swiss Army knife meets Bluetooth
Anger at cardinal's likening of Gaza to death camp
Costa Rica digs for quake victims | International |
Irish foe of EU treaty to set up party offshoot in Poland
US-TECH Summary
Israel warns of further escalation as Gaza death toll tops 850
Venezuela's Chavez threatens to expel U.S. diplomat | International |
Yahoo's Web TV faces uphill battle
At least 33 dead as Peru bus dives off mountain road | International |
Obama touts stimulus plan
Europe protests call for halt to Gaza conflict
Israel tells Gazans to brace for war escalation
Yahoo's Web TV faces uphill battle | Technology |
Chavez says US heating oil program never suspended
Obama-stimulus plan can add and save up to 4 million U.S. jobs
Canada to be Obama's 1st foreign trip as president
Thai by-elections to test PM's political strength
Mercury in gold mining: a Third World toxic threat
Sri Lanka says rebel group on brink of defeat
Latin singer Flex leads Romantic evolution | Entertainment |
US-ENTERTAINMENT Summary
Liverpool hands over culture capital title to Austria's Linz
US-ENTERTAINMENT Summary
Latin singer Flex leads "Romantic" evolution
Six soldiers, 40 militants killed in NW Pakistan: official
Israel and Hamas vow to fight on in Gaza | International |
Shortcovers turns iPhones into electronic books
FCC head opposes Obama bid to delay US shift to digital TV
Russia set to resume European gas supplies after deal
ECB under pressure to cut lending rates
Britain's Prince Harry apologises for racist language
Blu-ray DVD booms in aftermath of format war victory
Palm crowns comeback at CES with 'Best in Show' award
Japan PM in Seoul, aims to boost economic ties | International |
Israel pounds Gaza City after warning of escalation
India says not reached end of road on Mumbai attacks | International |
Record tourist numbers as Nepal emerges from civil war | International |
Shortcovers turns iPhones into electronic books
Palm crowns comeback at CES with 'Best in Show' award
Tokyo fish market to re-open to 'ill-mannered' tourists
Pakistan: 6 troops, 40 militants killed in attack
Pakistan extends house arrest of militant leader
Taiwan enforces strict anti-smoking law
US rejected Israel's plea for strike against Iran: report
Thailand holds by-elections in key test for new PM
Four civilians killed in Thai south: police
Japan PM seeks new ties with SKorea by sidestepping tensions
Elvis fever shakes, rattles and rolls Australian town
China to mark defeat of Tibet uprising
Japanese prime minister arrives in Seoul
Venezuela's Chavez investigates US official
US military deaths in Afghanistan region at 561
AirAsia X eyes Japan after Tokyo relaxes tough visa rule
Japan's Sanyo braces for zero profit: report
China vice president urges Macau to diversify: reports
Subdued Detroit auto show to focus on going green
Weak won attracts tourists, keeps Koreans at home: government data
Healthier Chinese art market may emerge from crisis
China's Huawei wins 235-mln-dollar Costa Rica 3G phone deal
Party like it's not 2008: Golden Globes return
French filmmaker Claude Berri hospitalised
Party like it's not 2008: Golden Globes return
Foreign-language Globe contenders meet, greet fans
Screenwriter floors it with 'Gran Torino'
'Slumdog' favorite as Globes launch Oscars countdown
Overwork a silent killer in Japan
Formals, face lifts, free stuff: It's Globes time
Britain's Prince Harry apologises for racist language
Sudan security chief warns foreigners of attacks
Six soldiers, 40 militants killed in NW Pakistan: official
Indonesia ferry carrying 250 people sinks: minister | International |
Saudi reformer freed after 8 months in jail
Sri Lanka army fights to finish off Tamil Tigers | International |
Sudan security chief warns foreigners of attacks | International |
Pakistan: 6 troops, 40 militants killed in attack
More than 260 missing in Indonesian ferry disaster
Ex—triad leader Tan Chor Jin cremated
China shuts 91 sites in porn crackdown: state media
25 injured in Philippine plane accident
Man pours flammable liquid on MP, sets him on fire
Indonesia ferry carrying 250 people sinks
Japan's prime minister visits South Korea
India names new board for fraud-hit Satyam
India names 3 to Satyam board after fraud scandal
Report: Taiwan to cut number of foreign laborers
Some 20,000 Indonesian Muslims urge end to Israeli strikes
Toyota to launch pure electric car in U.S. by 2012
Taliban commander killed in offensive: Australia | International |
Somali Islamists clash as Ethiopians withdraw | International |
Toyota to launch pure electric car in U.S. by 2012 | Technology |
Obama vows to tackle Middle East 'on day one'
Obama vows Mideast peace effort from 'day one'
Dr Yaacob lauds S’pore Muslims’ rational response to Mideast conflict
Thai by-elections test ex-PM's influence
Singapore MP set on fire in attack by 70-yr-old
Crowd tries to attack US Consulate in Pakistan
Sri Lanka's military: Soldiers seize rebel camps
Some recent maritime disasters off Indonesia
China seizes man suspected of killing 8 people
Obama Family Makes Surprise Visit To Lincoln Memorial
Tweaked American Idol returns with new judge | Entertainment |
Storm sinks Indonesian ferry, 250 feared dead
Storm sinks Indonesian ferry with 250 passengers
Tweaked "American Idol" returns with new judge
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01