SATYAM FACES TAX FIGHT OVER PHANTOM INCOME
May 1st, 2011
BY RAGHAVENDRA VERMA
INDIA'S Satyam Computer Services, the company embroiled in a US dollars USD1 billion dollar fraud, is fighting a USD138 million tax claim on fictitious income shown in its accounts between 2002 and 2008. Under new owners as Mahindra Satyam, it is opposing the claim: "We feel this claim is not fair because [former CEO Ramalinga] Raju had fabricated huge revenues", said Satyam's present chairman Vineet Nayyar, noting false accounting boosted company equity. However India's Central Board of Direct Taxes has said: "We do not know ...
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