Entries tagged "Satyam Computer Services Ltd."
Fraud-felled Satyam Computer Services Ltd. is being called "India's Enron," after the head of the Indian out-sourcing giant admitted this week he had cooked the books to the tune of about $1 billion, leaving the company with almost no cash. Enron went bust and filed for Chapter 11. Its trustee eventually recovered billions of dollars from banks for creditors. What about Satyam?...
"Satyam" in India's ancient Sanskrit language means "truth," but the Mumbai-based company named Satyam Computer Services Ltd.'s balance sheet had numbers that were far from the truth, according to its chairman and founder Ramalinga Raju. ...