Presentation on theme: "SATYAM SCAM. INTRODUCTION : Satyam Computers was founded in 1987. It was converted into public ltd. Company in 1992. The company offers consulting and."— Presentation transcript:
INTRODUCTION : Satyam Computers was founded in 1987. It was converted into public ltd. Company in 1992. The company offers consulting and information services spanning various sectors. Satyam network covers 66 countries. It was founded by Ramalinga Raju.
PEOPLE BEHIND THE SCAM : Ramalinga Raju – Satyam former Chairman B Rama Raju- Brother of Ramalinga Raju, Former Managing Director. V Srinivas- Ex-chief financial officer. S Gopal Krishnan- Price Waterhouse Auditor Talluri Srinivas – Price Waterhouse Auditor.
HOW DID IT HAPPENED ? Floated two other companies for their own purpose. Without taking permission of the shareholders. Failed to repay the loans. Transfer of money.
PARTNERS IN CRIME ? *Previous Record : --They have been accused of various frauds previously. *Getting third party evidence: --no bank confirmation on fixed deposits. *Factors overlooked: --changing in accounting years.
CONFESSION: “It was like riding a tiger, not knowing how to get off without being eaten”
CONSEQUENCES : *Before the scandal its share price was Rs. 300 in October 2008. after the scandal the price went to Rs. 6.30. *Bank of America and State firm insurance terminated its engagement with the company. *On January 10, the company law board decided to bar the current board of satyam.