The scam by Satyam computers shook the country when the chairman had confessed that all their accounts were falsified in order to impress the investors
The scam by Satyam computers shook the country when the chairman had confessed that all their accounts were falsified in order to impress the investors
This presentation is on satyam scam & was created for educational purpose.this presentation include various aspects of satyam scam such as satyam Company Profile, satyam Achievements , Overview of the satyam scam, How the satyam scam started to unravel, Modus operandi of satyam scam, Impact Of satyam Scam, Regulatory action etc.
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This presentation is on satyam scam & was created for educational purpose.this presentation include various aspects of satyam scam such as satyam Company Profile, satyam Achievements , Overview of the satyam scam, How the satyam scam started to unravel, Modus operandi of satyam scam, Impact Of satyam Scam, Regulatory action etc.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
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2. Introduction: -
• Satyam Computers Services Ltd was formed in 1987 in
Hyderabad (India) by Mr. Ramalinga Raju. It was one of
the pioneers in the field of Information Technology and it
was ranked fourth in India in the business of computers
and information technology services
• Satyam had won the Golden Peacock Award for the best
Governance in the year 2007 and again in 2009
• To effectively compete, both against domestic and global
competitors, the company embarked on a variety of
multi‐pronged business growth strategies
•The Companies annual compound growth rate was
estimated to be 35% from 2003-08
3. Mr. Ramalinga Raju and the Satyam Scandal:
• Satyam Director Mr. Ramlinga Raju has already 37% stake in
that company. Raju‟s also had a 35% share in Maytas
Properties, another real-estate investment firm.
• Satyam board of Directors had approved the deal of buying the
entire stake in Maytas Infrastructure Ltd and Maytas Properties
Ltd. Without any consent of the shareholders, the board went
ahead for their decision. However the dream of Satyam Board
remains the dream only when investors sold the Satyam‟s stock
and warned the management for action against them
• In US the stakeholders filed law-suits for aborting the Maytas
deal. Mr. Raju want that deal to bridge the gap between real
figures and faked figures when every attempt to do this is
failed, then Raju‟s by writing a letter to board members and
SEBI had to confess that Accounts of Saytam Computers
Services Limited has Irregularities
4. Some of the irregularities are
• The Scam was exposed from the point where, Satyam planned to acquire Maytas
Infrastructure Limited, One of best infrastructure development and Construction
Company for $300 million
• The major difference is created between Actual cash and Bank Balance
and Faked Balance i.e. `5040 Crores by creating numerous bank
statements by using his personal computer
• He also had shown interest of ` 376 Crores on those fake deposits.
• He understated the Liability side of the balance sheet by `1230 crores. 4.
He has overstated the Debtors by `490 Crores
• Mr. Raju also revealed that he created 6000 fake salary Accounts over
the past year and appropriated the money out of it after the company
deposited in that accounts
• It is also shown that the company raised money by issuing ADR never
made to the company Accounts
5. Failure of Corporate Governance in
case Satyam Computers Services Ltd.
• Failure of Concept of Independent Auditors-At the time of Application of
Concept of Corporate Governance, SEBI has highlighted the role of
Independent Directors in the presentation of Financial Figures before
Government that Independent Directors will present the true and fair
view of financial figures and take the active part in audit process of
Companies better than Traditional Directors, but here in this case, this
concept was a total failure.
• Failure of the role of Audit Committee
• Failure of the role of CEO/CFO- The CEO/CFO of the company should
certify about the truthfulness and fairness of Financial Statements of the
Company but in this case the CEO/CFO of the Company Mr.Ramlinga
Raju/ Srinivas Vadlamani has certified the wrong financial position of the
Company
• Failure of presenting the ture report on compliance of Corporate
Governance in the Financial Statements of the Company
• Failure of Auditors in the Due Deligence in their duties-PWC failed in due
diligence of their duties for example PWC never verifies the forged
statements with the bank and debtors etc. The failure of PWC can be
judged from the fact that Investment banker Merillynch found the
financial scam merely in 10 days
6. Lessons and Recommendations
• The Govt. had given the power to SEBI to arrest in these types of
cases
• Ministry of Company affairs made a body of retired Judges of
Supreme Court and High court named Serious Fraud Investigation
Organisation (SFIO)
• Institute of Chartered Accountants also barred PWC to do audit in
India. ICAI will also act as a watchdog on these Auditing firms
• Besides Strengthening the SEBI more, the Government of Indian
also has to take some concrete steps in strengthening the Legal
framework in India especially with regards to Indian Companies
Act 1956
• Though many important provisions of listing requirements have
now being included in the Indian Companies (Amendments) Act,
2013 still there is a requirement of few additional provisions in
Companies Act with respect to the actions against wrong Financial
Reporting and Insider Trading.
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Summarize presentation content by restating the important points from the lessons.
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Summarize presentation content by restating the important points from the lessons.
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