Y S Rajasekhar Reddy - Accident Place Original Photos

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Accident Place Original Photos

World Bank gives much of Satyam projects to TCS-TATA

World Bank gives much of Satyam projects to TCS

The World Bank has hired another Indian IT major Tata Consultancy Services to do much of the work previously being done by Satyam, which has now been debarred by the bank from doing business with it.

"We have hired Tata Consultancy Services (TCS) to do much of the IT work that Satyam used to do," a World Bank spokesperson said.

The IT major had bagged much of the Satyam's project through competitive bidding early last year, thus indicating that the World Bank is not specifically targeting Indian IT companies, as being alleged in certain quarters.

In a statement issued on Monday the World Bank had revealed three Indian IT companies that have been debarred from doing business with it.

Besides Satyam, which has been debarred for eight years beginning September 2008, Wipro (beginning June 2007) and Megasoft Technologies (beginning December 2007) have also been banned for four years each.

Two other Indian companies, Nestor Pharmaceuticals and Gap International (both non-IT entities) and one individual Surendra Singh, too, have been debarred by the global apex monetary institution.

The action was initiated against these entities and an individual as they were found to have "violated the fraud and corruption provisions of the Procurement Guidelines or the Consultant Guidelines," besides offering improper benefits to the Bank staff.

In all, the World Bank has debarred as many as 111 companies and individuals from across the world from doing or bidding for its projects.

The list of 111 entities and individuals debarred by the World Bank from doing business reveal that at least four US companies and five American nationals have been blacklisted.

Of these all except one have been permanently debarred, as against the fixed term for most of the other companies. Companies and individuals from Britain seems to be topping this list with nearly three dozen of them being debarred by the bank.

Govt orders SFIO probe into Satyam scandal;

Govt orders SFIO probe into Satyam scandal; CID team raids PWC office

The government on Tuesday ordered investigation into the Satyam scandal by the Serious Fraud Investigation Office (SFIO), an entity that probes cases of economic offences of grave nature.

"The SFIO will submit its report in three months," Corporate Affairs Minister Prem Chand Gupta told reporters in New Delhi.

The government ordered the probe by the SFIO after receiving a report from the Registrar of Companies (RoC), Hyderabad, which inspected the books of accounts of Satyam Computer Services and eight other companies belonging to the kin of the former chairman of the IT major, B Ramalinga Raju.

Corporate Affairs Minister Prem Chand Gupta said, "The government has ordered the probe (by the SFIO) based on the RoC report.

"The SFIO will be looking into the entire gamut of irregularities and other related anomalies... the (irregularities) in books of accounts and other acts of commission and omission."

The investigating agency, he said, "(has) also been asked to go into all aspects (and role of) directors, promoters, Satyam company, auditors and all."

On the role of the regulator and regulation, the Minister said, "This is an issue which is also being looked into by the government. We will have detailed discussions on this."

As regards appointing more directors on the board of Satyam, Gupta said Corporate Affairs Secretary Anurag Goel was in constant touch with the board and "a decision (to appoint more directors) will be taken without delay...as and when required. We are working on that."

The government on Sunday appointed a three-member board comprising HDFC Chairman Deepak Parekh, former Nasscom President Kiran Karnik and former Securities Appellate Tribunal (SAT) Presiding Officer C Achuthan to salvage Satyam Computer.

Talking to newspersons after the first meeting of the new board on Monday, Parekh had said that more directors were likely to be appointed by the government.

The government, according to the order of the Company Law Board (CLB), which disbanded the Satyam board, can appoint at most 10 directors on the board of IT company.

CID team raids auditors PWC office

CB-CID on Tuesday raided the offices of the Price Waterhouse Coopers in Hyderabad in the wake of the startling disclosure of over Rs 7,800 crore financial fraud .

The CID have also reportedly taken into custody Ramakrishna, an auditor with the PWC to unravel the criminal conspiracy.

Police continued their searches at the house of Chief Financial Officer V Srinivas, who during his interrogation had denied involvement in the conspiracy, claiming that he did what he was asked to do by Ramalinga Raju and Rama Raju.

PM steps in & calls high-level meet over Satyam

The Prime Minister has called for a high-level meeting on the Satyam scam. The meeting will be held later on Tuesday.

Key Cabinet members -- Home Minister P Chidambaram, Foreign Minister Pranab Mukherjee, Commerce Minister Kamal Nath and Deputy Chairperson of the Planning Commission Montek Singh Ahluwalia will attend the meet chaired by the Prime Minister.

On the agenda is the impact of the Rs 7000 crore fraud on India Inc. Union Minister Kamal Nath has already said that the government would consider all aspects, including financial aid, in helping the crisis-ridden company.

Before the high-level meet, PM Manmohan Singh held discussion with Commerce Minister Kamal Nath and is believed to have reviewed the Satyam issue.

Meanwhile, the sources say that the CID is searching the offices of PricewaterhouseCoopers in Hyderabad. The sources have also said that the investigating agency is all set to call former independent director of Satyam Computer, Rammohan Rao in for questioning.

Former interim CEO of Satyam Ram Mynampati is also likely to be quizzed by CID, the sources added.

On their part, the Registrar of Companies (RoC) is reported to have submitted its report to the Centre on the preliminary probe into the Satyam scam.

Sources said that RoC Hyderabad submitted its report on Monday night to Minister of Corporate Affairs Prem Chand Gupta and this report would be the basis for handing over the case to the Serious Fraud Investigation Office (SFIO).

The SFIO is already assisting the RoC in the probe, but is being formally handed over the investigations.

The Registrar of Companies in Hyderabad, where the head office of crisis-ridden Satyam is located, will be a part of the SFIO team to probe the case, sources added.