How can Satyam scam be prevented?
31. By designing stringent laws government can prevent scam. It can pluck loopholes in the current system.
Who could have prevented the Satyam scam Mcq?
The Board of the Directors, the most powerful body in any company, could have prevented it. It comprised of 9 members, out of 2 were Raju and his brother, 5 were independent directors from outside, 1 was a consultant and 1 was an employee.
What is the effect of Satyam?
Near about six years after the Rs. 7,123crore Satyam Computer Services financial fraud rocked the nation; founder B Ramalinga Raju and his brother Rama Raju (former Managing Director) have been sentenced to seven years jail and fined Rs. 5 crore each.
WHO did Satyam scam?
Satyam Computer Services or Satyam Computers was one of the top IT companies in India after TCS, Infosys and Wipro. The lid of the scandal blew up in 2009 when Raju himself admitted that the company’s accounts had been falsified to the tune of Rs 7,000-crore.
Who was responsible for Satyam scandal?
On 7 January 2009, the chairman of Satyam, Byrraju Ramalinga Raju, resigned, confessing that he had manipulated the accounts of Rs 14,162 crore (almost 3bn USD at the time) in several forms. The global corporate community was said to be shocked and scandalised.
How long was Ramalinga Raju in jail?
7 years
How did Ramalinga Raju get bail?
The Supreme Court today granted bail to Satyam founder, Mr B. Ramalinga Raju, his brother, Mr B. Rama Raju, and former Chief Financial Officer of the company, Mr V Srinivas. They were arrested for their alleged role in the multi-crore accounting fraud involving the company.
What happened to Maytas?
Maytas Properties, now renamed as County Hill Properties, has been loss making. A senior investment banker who had taken a close look at IL&FS Engineering some years back, says it is hamstrung by its inability to access the stock markets due to its legacy issues that have not been sorted out.
Who owned Maytas?
B. Ramalinga Raju
What was maytas job?
What happened to Satyam Computers?
The Aftermath of Satyam Scam Exposure 544 in 2008. The CBI raided the house of the youngest Raju sibling where 112 sales deeds to different land purchases were found. The CBI also found 13,000 fake employee records created in Satyam and claimed that the scam amounted to over Rs. 7000 crores.
Who bought Satyam?
Tech Mahindra
Who audited Satyam?
PricewaterhouseCoopers (PwC) was the independent auditor of Satyam Computer Services Limited when the news of the scandal surfaced.
Why did Raju confess?
No shareholder approval was sought for the acquisition, which would have utilized nearly all of Satyam’s ₹ 5,500 crore cash. The announcement was met with fierce opposition from domestic as well as foreign investors, who owned a large part of Satyam.
What is the new name of Satyam Computers?
What were the strategic blunders in Satyam?
In the Satyam scandal, auditors relied on bank statements worth Rs 3,800 crore provided by the company. It turned out be fabricated. Under the new rules, auditors are required to check the authenticity of bank statements. Raju had also disguised the pledging of Satyam shares.
What went wrong at Satyam?
In a surprise move, the World Bank announced on December 23, 2008 that Satyam has been barred from business with World Bank4 for eight years for providing Bank staff with “improper benefits” and charged with data theft and bribing the staff. 5 Share prices fell another 14% to the lowest in over 4 years.
What were the reasons for downfall of Satyam Computers Ltd?
Among many reasons for the collapse was the former Chairman and CEO of Satyam Computer Services, Ramalinga Raju, stepping down from his role after his admission that he embezzled the company of Rs 7,140 crore.
What were the failures of the corporate governance structure in Satyam?
4. Anonymous email to board stating financial irregularities and lack of liquidity, three more independent directors resigned.