Business Daily from THE HINDU group of publications
Monday, Jan 12, 2009
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Business Daily from THE HINDU group of publications Monday, Jan 12, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Economic Offences Info-Tech - People
Our Bureau Hyderabad, Jan. 11 The Chief Financial Officer of Satyam Computer, Mr Vadlamani Srinivas, was on Wednesday remanded to judicial custody till January 23 and sent to the Chanchalguda jail. Earlier in the day, sleuths of CB-CID interrogated Mr Srinivas on various issues relating to disclosures on Satyam financials and the Rs 7,136-crore scam. Mr Srinivas and founder-chairman of Satyam Computer, Mr B. Ramalinga Raju, and the Managing Director, Mr B. Rama Raju, will now be lodged in the same jail till further orders. Earlier, police searched their residences and seized some documents. The CFO, who is seen to be one of the key Satyam officials in the know of the major financial mess, was arrested late on Saturday and interrogated till he was taken to the Sixth Chief Metropolitan Magistrate, Mr D. Ramakrishna, who ordered judicial custody. According to their legal counsel, Mr S. Bharat Kumar, the bail applications of all the three Satyam executives will come up for consideration on Monday. However, it is learnt that the CB-CID wanted the trio for further questioning in the mega financial scam to map the various issues in the matter, including people and possibly companies involved. They are likely to oppose bail for the trio and seek custody for further questioning. New boardMeanwhile, reacting to constitution of a new three-member board headed by Mr Deepak S. Parekh, Chairman of HDFC Bank, along with Mr Kiran Karnik, former president of Nasscom and Mr C. Achuthan, Director of National Stock Exchange, Satyam in a statement welcomed the decision by the Ministry of Corporate Affairs. “This is a vital stabilising development for Satyam and marks the beginning of a new chapter in the company’s history. It is the best news we have received in the past four weeks,” the company spokesperson said. This move will ensure the company’s continued operations, help maintain customer confidence and associate morale, and restore investor trust. Satyam’s leadership team pledged to work closely and in full cooperation with the new board. FIRST MEETThe new board, constituted to steer Satyam out of the current crisis, is poised to hold its first meeting on Monday at Infocity at 9.30 a.m. Rs 7,000-crore fraud Price Waterhouse has to answer Price Waterhouse hides behind client confidentiality Simple manipulation of revenues & earnings More Stories on : Economic Offences | People | Software | Satyam Computer Services Ltd | Courts/Legal Issues
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