Posted by simontoffel on 29th June 2009
Kolkata: The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to probe the multi-crore Satyam Computer fraud would submit its report July 9.
“We will submit the report to the ministry of corporate affairs on July 9 after we finalise it at the final internal meeting of the committee on July 4 in Agra,” ICAI president U.P. Agarwal told reporters on the sidelines of a function here Sunday.
ICAI is the apex organisations of chartered accountants.
Agarwal heads the seven-member committee that is looking into the financial reporting, accounting and auditing aspects of the Satyam scam. It will review the shortcomings and recommend measures for plugging loopholes against such frauds.
“We want chartered accountants to be empowered so that they can force the management to change the company’s accounting practices if they think this was required.”
Agarwal, however, refused to get into details of the report.
Posted in technology | No Comments »
Posted by simontoffel on 13th January 2009
A World Bank statement yesterday has blacklisted three IT firms, including Wipro and Satyam. The statement was posted on the bank’s official website.
According to the statement, Satyam has been banned for a period of eight years for ‘providing improper benefits to bank staff and failing to maintain documentation to support fees charged for its subcontractors’; Wipro for four years, for ‘providing improper benefits to bank staff’; and US-based Megasoft Consultants for four years, for ‘participating in a joint venture with Bank staff while also conducting business with the bank.’
It might be recalled that Satyam had been defiant in December when the World Bank had first announced that it was blacklisting the IT major.
Posted in Banking, business, finance | No Comments »
Posted by simontoffel on 12th January 2009
The online buzz, the ongoing Satyam Saga, created is something worth talking about. Whether it is social networking websites, job portals, or individual blogs, this news has triggered action everywhere. Suddenly people have something to think about, discuss, and comment on. These include complaints and abuses against the company as well as sympathetic statements in its favor, with many other emotions just waiting to be unlocked.
To start off with, the word “Satyam”, or those associated with it, were the most looked up on Google yesterday. Terms like “Satyam press conference”, “Where is Ramalinga Raju?”, “Satyam Scam”, “PWC Satyam”, and “Satyam.com” flooded the search page.
With reports that Satyam is now planning to axe 10,000 employees off the company rolls, crestfallen employees are venting their grievances on various community websites. Orkut’s Satyam community is buzzing since this news leaked out. All sorts of comments, including many positive ones from Satyam employees, have flooded Orkut pages.
Apart from Orkut, discussions and debates have been ignited on Twitter, Mouthshut, and Facebook. People have been updating each other by posting news links on these websites. What comes through when we read such comments is that there is a feeling of underlying unity amongst Satyam employees, that they should hold on to each other and not just condemn the company.
Job portals like Naukri, Timesjobs, Monster have also seen a jump in the number of resumes posted by Satyam employees. This was also noticed when Lehman was declared bankrupt a few months back. It is only natural that worried employees would post their resumes on job sites when their job security is at stake.
Posted in marketing | No Comments »
