Question
In: Accounting
Satyam Computer Services Scandal, India 1. Historical background, profile of the company (e.g. nature of business,...
Satyam Computer Services Scandal, India
1. Historical background, profile of the company (e.g. nature of business, products)
2. The ethical issue involved (recommended to be discussed in chronological order, wherever relevant)
Solutions
Expert Solution
1. It was an indian information technology services company based in Hyderabad, India that offers software development, system maintenance, packaged software integration and engineering design services.
2. It was a Rs 7,000-crore corporate scandal in which chairman Ramalinga Raju confessed that the company's accounts had been falsified.
On January 7, 2009, Ramalinga Raju sent off an email to SEBI and Stock Exchanges, wherein he admitted and confessed to inflating the cash and bank balances of the company. India's National Stock Exchange has announced that it will remove Satyam from its S&P CNX Nifty 50-share index on 12 January. The founder of Satyam was arrested two days after he admitted to falsifying the firm's accounts.
In April 2009 Mahindra Group's IT arm, Tech Mahindra, purchased a major stake in the company and in June 2009 the company renamed itself Mahindra Satyam. Mahindra Satyam merged with Tech Mahindra on 24 June 2013.
On April 2015, India subject Byrraju Ramalinga Raju isn't in prison now. The judge further ruled that Raju and his brother pay one tenth of their outstanding fine within four weeks of their release or else default to their original sentence.
ekkarill92 answered 1 year agoRelated Solutions
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