Corporate Governance Issues at Satyam Computers
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Case Details:
Case Code : BECG094
Case Length : 18 Pages
Period : 2008-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Satyam Computer Services Ltd.
Industry : Information Technology/ Software Services
Countries : India
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
Background Note
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Satyam was incorporated in 1987 as a private limited company providing software development and consultancy services. Raju and his brother Rama Raju were the promoters of the company. Before starting Satyam, they were involved in other businesses like construction and textiles...
Governance Practices at Satyam
According to Satyam's annual reports, corporate governance was given high importance in the company. The corporate governance in Satyam was driven by its core values
- Associate Delight, Investor Delight, Customer Delight, and the Pursuit of Excellence...
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The Maytas Fiasco
As on September 30, 2008, Satyam reported that it had cash reserves of US$ 1.2 billion. On December 16, 2008, the company announced that it planned to use these cash reserves to acquire two companies
- Maytas Infra and Maytas Properties. Maytas Infra was a public listed infrastructure development company that had been operational for more than two decades...
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Raju Confesses to Accounting Irregularities
On January 07, 2008, Raju made a shocking admission that for several years, the revenues and profits of Satyam had been inflated, without the knowledge of the board, senior managers of the company, and the auditors.
Analysts believed that Raju's confession of the accounting fraud had been prompted by DSP Merrill Lynch's termination as the advisors of Satyam... |
Excerpts Contd...>>
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