Transcript
Guided by : Dr.priyanka baldawa Submitted By:jYOTI jain
Founded in 1987 by
Mr.raju
Satyam was india’s 4th
largest IT services company
Over 50,000 employes
Almost one in every two of
the fortune 500 was said to
be client of satyam
90% of businees comes
from USA
Satyam business has spread
over 66 countries
Listed on BSE, NSE ,
NYSE
3 areas of working
- IT services
- Business process
outsourcing (BPO)
- Software products
In the financial year ending March 2008 , satyam
reported impressive 46.3 % rise in revenue to $ 2.1
billion
In October 2008 , satyam said revenue would rise
further 20 % in the 2009 financial year
But later this all found to be fictious
First IT company in the world
Certified under ISO 9001:2000
Top 13 Best – Managed companies
in India
SAP Pinnacle Award in 2008
Golden peacock award for
excellence in Corporate Goverance
United kingdom trade & Investment
India Business award
Greed for money , power ,
competition , success and prestige
compelled Mr. raju ( founder & ex-
chairman ) to “ ride the tiger ”
which as a resultant forced him to
commit a huge fraud
Scam is over of $ 1.47 billion
Thrown spotlight on corporate
governance in India – Based
companies
To cover up satyam’s fictious
assests wih real one , satyam
attempted to accquire Maytas
Infrastruture & Maytas
properties
Which was owned by Mr .
Raju’s family
Later , the acquistion was
dropped when satyam
shareholders protested
As per India’s CBI report
satyam did :-
- Involvement of dual
accounting books
- Thousand of forged invoices
- Fake bank statements
- Thousand of unnessary
employes
- Auditors received fees several
times the market rate
This scam also termed as India’s Enron
On Janurary 7th 2009 , B . Ramlinga Raju , Founder
& Chairman of Satyam Computer Services , resigns
B. Ramalinga Raju : Satyam Former Chairman
Rama Raju : Brother of Ramalinga Raju (MD)
V Srinivas : Ex-chief Financial Officer
S. Gopalakrishnan : PWC Auditor
Talluri Srinivas : PWC Auditor
Before the scandal, it’s share price was Rs. 300 in
Oct. 2008. Just after the scandal share price go down
to Rs. 6.30.
The Company Law Board decided to bar the current
board of Satyam functioning.
The New York Stock Exchange has halted trading in
Satyam stock.
Before scandal, Satyam was 4th ranked among IT
companies of India and after the scandal, it became
least valuable IT company in India.
top related