INDIAN AUDIT PROFESSION REELS IN FACE OF SATYAM SCANDAL
January 1st, 2009 BY RAGHAVENDRA VERMA and KEITH NUTHALL
THE SECURITIES and Exchange Board of India (SEBI) has been allowed to interrogate Satyam Computer Services founder B. Ramalinga Raju and his brother B. Rama Raju over an unprecedented INDRupees 70 billion (US$1.4 billion) accounting fraud.
It is alleged Ramalinga Raju, the company's former chairman, inflated the size of the outsourcing company's workforce by 13,000 (from 40,000 in reality to 53,000 on the books) and pocketed these phantom workers' wages.
SEBI had been pushing for access to the ...
THE SECURITIES and Exchange Board of India (SEBI) has been allowed to interrogate Satyam Computer Services founder B. Ramalinga Raju and his brother B. Rama Raju over an unprecedented INDRupees 70 billion (US$1.4 billion) accounting fraud.
It is alleged Ramalinga Raju, the company's former chairman, inflated the size of the outsourcing company's workforce by 13,000 (from 40,000 in reality to 53,000 on the books) and pocketed these phantom workers' wages.
SEBI had been pushing for access to the ...
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