satyam scam
DESCRIPTION
it deals with the inside information related to satyam industries scandelTRANSCRIPT
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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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