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Mahindra Satyam

mahindrasatyam.com

About Mahindra Satyam

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Latest Mahindra Satyam News

Why HDFC Chairman Deepak Parekh believes Satyam scam was failure of chartered accountants?

Nov 23, 2022

Participating in a book launch event organised by industry body CII, Parekh said all independent directors of Satyam Computer Services functioned as rubber stamps of the company's founder B Ramalinga Raju. Parekh asserted that the CEO of any organisation must understand that they are working for the shareholders of the company. Pic: hdfc.com HDFC Chairman Deepak Parekh on Wednesday said the Satyam scam was in reality a failure of chartered accountants (CAs) who failed to flag discrepancies in account books. Participating in a book launch event organised by industry body CII, Parekh said all independent directors of Satyam Computer Services functioned as rubber stamps of the company's founder B Ramalinga Raju. "It ( Satyam scam ) was really a failure of CAs who audited accounts of Satyam Computer Services," he said. Satyam Computer Services was hit by an accounting scam perpetrated by its founder Raju that came to light in January 2009 and the once-storied company was later acquired by Tech Mahindra in the same year in April. The Rs 7,800 crore fraud at Satyam Computer came to light in January 2009 after Raju admitted to cooking up account books and inflated profits for several years. After the takeover by Tech Mahindra in April 2009, the firm was initially operated as a separate entity Mahindra Satyam. In 2012, Mahindra Satyam was merged with Tech Mahindra. Parekh asserted that the CEO of any organisation must understand that they are working for the shareholders of the company. He observed that the number of companies going down has increased and people have lost money and confidence due to the greed of some people.

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