satyam scam

7/17/2019 satyam scam

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The Rise of Satyam

1987 :

1991 :

1994 :

2000 :

2002

Satyam Computers Pvt. Ltd. orn.

!une " #irst #ortune $00 Client.

%u&ust " Converted into Pu'li( Ltd. Co.

T)e i& rea*" %llies wit) +un and radstreet

Corp.

+e(lared one o, t)e 100 most pioneerin&

te()nolo&y (ompanies 'y -orld (onomi(

#orum.

+ata/uest T an o, t)e year award.
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People e)ind T)is S(am

3amalin&a 3au :

3ama 3au :

5 Srinivas :

S 6opala*ris)nan:

Talluri Srinivas :

Satyam ,ormer ()airman

rot)er o, 3amalin&a 3au

#ormer ana&in& +ire(tor"C)ie, ,inan(ial o,,i(er

Pri(e -ater)ouse %uditor

Pri(e -ater)ouse %uditor


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T)e s(am

1. 3au and )is 'rot)er 3ama 3au were arrested 'y t)e %nd)ra

Prades) poli(e on ()ar&es o, breach of trust, conspiracy,cheating, falsification of records.

2. 3au )as mislead various investors.

. 3au )ad also used dummy accounts to trade in Satyams

s)ares.

4. ;e )as violated t)e insider trading norm.

$. #unds ,rom Satyam were diverted to ayatas


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3au wanted to ta*e over )is %>T%S ?#3% and %>T%S

P3=P3TS.@(ompany o, )is sonsA.

;e was 'lamed t)at )e was usin& t)e ,unds o, t)e

investors ,or t)e ,amily 'usiness.

There !ere allegations that funds from Satyam !erediverted to aytas (ausin& t)e 6overnment a&en(ies to

veri,y t)e in,rastru(ture (ompanyBs re(ords as well. .


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HOW DID IT

HAPPENED?

FLOATED TWO OTHER COMPANIESFOR THEIR OWN PURPOSE .

WITHOUT TAKING PERMISSION OF

THE SHAREHOLDERS.FAILED TO REPAY THE LOANS.

TRANSFER OF MONEY.


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UNDERSTANDING THE

SCAM!THE BALANCE SHEET AS OF SEPTEMBER 30, 2008SHOWED-

INFLATED (NON-EXISTENT CASH AND BANKBALANCES OF RS. !0"0 CRORE (AS AGAINSTRS. !3#2 CORE REFLECTED IN THE BOOKS

AN ACCRUED INTEREST OF RS. 3$% CRORE WHICHIS NON-EXISTENT

AN UNDERSTATED LIABILITY OF RS.#230 CRORE ONACCOUNT OF FUNDS ARRANGED BY BR RA&U.


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SATYAM SHARES

i&&est sin&le day ,all ,or a sto(* in sto(*mar*et.

3s. 17$ @ !an


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-;> ++ 3%!E C=?#SS

T)e &ap in t)e 'alan(e s)eet rea()edunmana&ea'le proportions and (ould

not 'e ,illed any)ow in ,uture.

T)e w)istle 'lower w)ose email to a

Satyam 'oard mem'er tri&&ered a

()ain o, events .


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P3=%L 3%S=?S

P3SSE3 T= T

FPCT%T=? 6rowin& CompetitionT)reat o, 'ein& overta*en

=53C=?#+?C =n )is a'ility

P3S=?%L ?#TSSip)onin& o, ,unds

Salary o, non"eistent 1000

employees

GSin(e a'out seven years we wanted to s)ow more incomein t)e a((ounts to avoid ot)ers ,rom involvin& in t)e (ompany

a,,airs and any possi'le )ostile a(/uisition.


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?ew 'oard o, dire(tors were appointed.

+is(losure o, pled&ed se(urities.

n(reased ,inan(ial a((ountin& dis(losure.

%doption o, international standards.

Creation o, new (orporate (ode o, (ondu(t

'y inistry o, Corporate %,,airs. Steps ta*en 'y C%.

%(tion Ta*en:


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#=3 T; SC%?+%L TBS S;%3 P3C -%S 3S 00 ? =CT.2008.!EST %#T3 T;S SC%?+%L T; S;%3 P3C 6= +=-? T= 3S 2009 T; C=P%?> L%- =%3+ +C++ T= %3 T;

CE33?T =%3+ =# S%T>% #3= #E?CT=??6.

%?H =# %3C% %?+ ST%T #%3 ?SE3%?C T3?%T+ TS?6%6?T -T; T; C=P%?>.

C3+T SESS SESP?++ TS C=53%6 =# S%T>%. T; C3+T

SESS 63=EP %6 @SF: CS6? ?>S: CSA S % S-SS ELT?%T=?%L

#?%?C%L S35CS C=P%?> ;%+IE%3T3+ ? JE3C;

S-TJ3L%?+.

Conse/uen(es


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!o's o, over $0000 te()no(rats were at ris*.CountryKs 'oomin& e(onomy was at ris*.

T)e 6+P ,ell 'y 0.4.

.T se(tor su,,ered a downturn.ndiaKs &lo'al ima&e was tarnis)ed.

ndian sto(* mar*et ,ell dramati(ally.


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3amalin&am 3au alon& wit) 2 ot)er a((used o, t)e

s(andal )ad 'een &ranted 'ail ,rom Supreme (ourt

on 4 ?ovem'er 2011 as t)e investi&ation a&en(y C

,ailed to ,ile t)e ()ar&e s)eet even a,ter more t)an

mont)s o, 3au 'een arrested A'')*+)* N

B/1. B/1 /'')*+1 G4*5*+.T67M/7)*1/ )* )1 9 S/+/5 .

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