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Satyam Computer suggest promoter Ramalinga Raju’s accounting skills seem to be too good to crack

This article was posted on Jan 16, 2009 and is filed under Press Releases

New Delhi: Investigators probing the financial manipulation in Satyam Computer suggest promoter Ramalinga Raju’s accounting skills seem to be too good to crack.

Sources tell Network 18 investigating agencies have called for the services of forensic accounting experts from KPMG to crack the scam.

KPMG and Delloite are now restating the accounts of satyam. Sources also say a normal audit review will not be enough.

Investigators fear Raju may have changed the accounting format.

Satyam’s new board member Deepak Paresh is meeting Corporate affairs minister PC Gupta right now. The government has now indicated a bailout package might not be required for the company

“Satyam board has not approached us for any bailout yet. The company may not need a bail out,” Gupta said.

“This is a decision that the new board of Satyam would take. This government is not going to directly or indirectly subsidise wrong doing and fraud in Satyam,” Minister of State for Industry Ashwani Kumar told reporters on the sidelines of a Petrotech-2009 conference.

“The government will try to ensure to the extent possible that the brand equity of the country and Satyam in terms of its intellectual capital is preserved and the jobs are secured to the extent possible”, The minister said, adding, “I do believe that Satyam aberration should not in any way take away from the great success story of India in the IT sector.”

Sources also tell CNN-IBN that the Central Bureau of Investigation is likely to probe the Satyam deal at the behest of Andhra Pradesh chief minister Y S R Reddy.

source: ibn live

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