CASE STUDY REPORT ON WORLDS BIGGEST ACCOUNTING SCANDAL SATYAM COMPUTERS TRUTH LIES AND CORPORATE GOVERNANCE.

SUBMITTED TO MRS DIYA KANDA SUBMITTED BY Ashish Gehlot !!"#$"%&' N()*eet P(*+e, !!"#-./#' 0(+ish 123(4 !!"#$!#&' A3it 123(4 !!"#&.#.'

Histo4, o5 S(t,(3 Co362te4s Satyam Computers was founded in June 1977 as a private limited company by Ramalinga Raju along with one of his brothers-in-law !"S Raju# $n June 1991 Satyam Computers got its first %ortune &'' Client# $n the same year in (ugust Satyam Computers was recogni)ed as a *ublic +imited Company# Satyam went public in ,ay 199- and its issue was oversubscribed 17 times# $n July 199. Satyam entered into a joint venture with !un / 0radstreet# Satyam was awarded $S1 9''1 Certification in ,arch 199&# $n !ecember 199& Satyam $nfoway was incorporated# $n ,ay 1997 Satyam became the first $ndian $2 Company to get $2(( Certification for 3-4 Solutions# $n 5ovember 1996 Satyam became one of the first companies to enter $ndian $nternet service mar7et with the launch of Satyam $nfoway8s $S* Service# $n the same year Satyam entered into a joint venture with 9:# $n 1999 Satyam $nfoway became the first $ndian $nternet company to be listed on 5(S!(;# $n %ebruary -''' Satyam was declared one of 81'' ,ost *ioneering 2echnology Companies8 by <orld :conomic %orum !avos# $n ,ay -''' Satyam became the first organi)ation in the world to launch Customer-1riented 9lobal 1rgani)ation training# $n ,arch -''1 Satyam became first $S1 9''1=-''' Company in the world as certified by 0";$# $n ,ay -''1 Satyam was listed on 5ew 3or7 Stoc7 :>change# $n -''. Satyam announced business continuity center in Singapore the first of its 7ind outside $ndia# $n -''? Satyam opened new development center in ,ississauga Canada# $n -''& Satyam ac@uired 1''A sta7e in Singapore based 4nowledge !ynamics a leading data warehousing and business intelligence solution provider1 A7hie)e3e*t o5 S(t,(3 7o362te4s
%irst$ndian $2 Company to get $2(( Certification for 3-4 Solutions#

Satyam $nfoway is the first $ndian $nternet company to be listed on 5(S!(;# !eclared one of 81'' ,ost *ioneering 2echnology Companies8 by <orld :conomic %orum !avos in the year -'''# %irst organi)ation in the world to launch Customer-1riented 9lobal 1rgani)ation training# %irst $S1 9''1=-''' Company in the world as certified by 0";$# Ran7ed by the 0rown-<ilson 9roup as the number two outsourcing vendor globally in the year -''B

http=CCwww#iloveindia#comCeconomy-of-indiaCtop-&'-companiesCsatyam-computers#html

OVERVIEW O8 SCAM

$n 1B !ec# -''6 satyam met a proposal for diversification into real estate sector Satyam to buy ,aytas *rop DE1#. bnF / &1A sta7e in ,aytas $nfra DE.'' mnF# !eal to be financed by SatyamGs HsurplusI cash# 5e>t day investors outrage because of unrelated diversification and stoc7 prices of satyam fell down to Rs# ?B#1 bn in a day reflecting share holders disbelief# Raju and family own up to .&A sta7es in ,aytas# Raju was siphoning the money from Satyam to ,aytas since last B years# <ith Satyam in deep cash crunch Raju wanted to buy ,aytas to cover up SatyamGs inflated cash# +ast attempt to fill the fictitious assets with real ones failed# Raju nailed a hole in a sin7ing ship Satyam# 2he board reconvened ne>t day and called off the decision# RajuGs confession was followed by resignation of Srinivas vadlamani chief financial officer of satyam#

ACCOUNTING 8RAUD9 1n Jan 7 Raju admitted to mis@uoting revenue cash balances and profit numbers on satyam boo7s for the past few years# %or sept @uarter satyam overstated the revenues by around E1-', and overstated operating margin by E1-', $nflated cash and ban7 balances by over E1b# (ccrued interest of appro>imately E1'', which is non-e>istent# Jnderstated liability of around E-?', / 1verstated debtors position#

VICTIMS O8 8RAUD 1. E36lo,ee9 2hey spent an>ious moments and sleepless nights as they faced nonpayment of salaries project cancellations# -# Clie*ts9 2hey e>pressed loss of trust and reviewed their contracts preferring to go with other competitors# .# Sh(4e hol+e4s9 +ost their valuable investments and there was doubt about revival of $ndia as a preferred investment destination#

?# B(*1e4s9 2hey were concerned about recovery of financial and nonfinancial e>posure and recalled facilities# &# I*+i(* Go)e4*3e*t9 $t was worried about its image of the 5ation / $2 Sector affecting faith to invest or to do business in the county#

ANALYSIS 9

(s we 7now that satyam computer was a very well 7nown company and it was declared one of 81'' ,ost *ioneering 2echnology Companies8 by <orld :conomic %orum# (nd it was the first company to get an $S1 9''1=-''' Company in the world as certified by 0";$# 2he company was doing window dressing of the

revenue statement as well as the balance sheet by misrepresenting the figurers by showing fa7e assets and they were showing that they are going to buy the sta7e in the company 7nown as H,32(S $5%R(S2RJC2JR:I which was not in e>istence# Satyam Computers had on !ecember 1B -''6 announced that it will ac@uire two group firms K ,aytas properties ,aytas $nfra# 2he 0oard 1f !irectors of Satyam had approved the founderGs proposal to buy &1 per cent sta7e in ,aytas $nfrastructure and 1'' A in ,aytas *roperties# Maytas Infra 2he Company is run by the sons of Ramalinga Raju# $t was started in the late 196'Gs by Ramalinga Raju and 2he main reason for the debacle of ,aytas $nfra is due to the debacle of Satyam# 1ne of the reasons for the debacle of ,aytas properties was the then ongoing economic slowdown# 2he company has huge land ban7s and the prices have dropped down in the real estate significantly# !etailed analysis of Ramalinga personal computer reveals that investment shown as fi> deposit receipt worth crores of rupees were fa7e and prined from the personal device# 2he promoters decided to inflate the revenue and profit figures of Satyam# $n the event the company had a huge hole in its balance sheet# So to fill this gap company announced (c@uisition of &1A sta7e in ,aytas $nfra and 1''A sta7e in ,aytas *roperties on 1Bth !ec -''6 but# 2he deal was not profitable for investors $nvestors dumped SatyamGs stoc7 and threatened action against the management# 2his was mainly done to hide the irregularities in the accounts of Satyam# $t is also said the close association with the political leaders is one of the reasons# 2hey have open B''' fa7e ban7 accounts and showing that they are paying salary in that account but those accounts were not real# 2hey have also shown that they were having &.''' employees but in reality C$! told in court that the actual number of employees is only ?' ''' and not &. ''' as reported earlier and that ,r# Raju had been allegedly withdrawing $5R -' crore rupees every month for paying these 1. ''' none>istent employees#Company Chairman Ramalinga Raju resigned after notifying board members and the Securities and :>change 0oard of $ndia DS:0$F that Satyam8s accounts had been falsified Company +aw 0oard decided to bar the current board of Satyam from functioning and appoint 1' nominal directors# L2he current board has failed to do what they are supposed to do# 2he credibility of the $2 industry should not be allowed to suffer# hence Chartered accountants regulator $C($ issued show-cause notice to Satyam8s auditor *rice waterhouse Coopers D*wCF on the accounts fudging#2he government nominated noted ban7er !eepa7 *are7h former 5(SSC1, chief 4iran 4arni7 and former S:0$ member C (chuthan to Satyam8s board# ,errill +ynch D5ow with 0an7 of (mericaF terminated its engagement with the company# 2he 5ew 3or7 Stoc7 :>change had halted trading in Satyam stoc7 as of 7 January -''9# $ndia8s 5ational Stoc7 :>change had announced that it will remove Satyam from its S/* C5M 5ifty &'-share inde> on January 1-# 2he founder of Satyam was arrested two days after he admitted to falsifying the firm8s accounts# Ramalinga Raju is charged with several offences including criminal conspiracy breach of trust and forgery#

A*(l,sis o5 84(2+ Is U*7o)e4e+ i* th4ee 6h(ses

!. 8i4st C4(71s A66e(4 (s stoc7 mar7ets around the world collapsed during -''6 the $ndian Stoc7 :>change the Sense> fell from a high of over -1 ''' to below 6 ''' between January -''6 and 1ctober -''6# 2he enormous losses caused investors to withdraw large amounts of cash from their investments# Satyam continued to report positive results during -''6 and claimed success in navigating the economic crisis# $n 1ctober -''6 Satyam reported net income of E1.-#. million an increase of -6 percent from the same @uarter the previous year# Satyam asserted that despite the challenging environment it continued to find opportunities for growth# 2he first crac7 in the company8s reputation occurred during 1ctober when the <orld 0an7 fired Satyam and issued an eight-year ban against the company# 2he <orld 0an7 accused Satyam of installing spy systems on its computers and stealing assets from the <orld 0an7# $n addition during an 1ctober conference call reporting earnings one stoc7 analyst drew attention to large cash balances in non-interest bearing ban7 accounts# 2he analyst e>pressed concern about the large balances and e>pressed reservations about the accuracy of the numbers# $nvestors ignored the analyst8s comment and the stoc7 price rose with the reports of positive earnings and revenue growth# $n !ecember -''6 Satyam8s 0oard of !irectors unanimously approved the purchase of ,aytas *roperties and ,aytas $nfrastructure two companies unrelated to the information technology field# (t the time ,r# Raju stated that he and the 0oard anticipated that the mar7et would Lbe delightedL by the two transactions as it would provide Satyam with greater diversification# Nowever investors were outraged over the transactions because ,r# Raju8s family held a larger sta7e in ,aytas *roperties and ,aytas $nfrastructure than it did in Satyam# Shareholders viewed the transactions as an attempt to siphon money out of Satyam into the hands of the Raju family# Satyam @uic7ly aborted the transactions but the incident still caused significant damage to Satyam8s reputation as a well-managed company# (fter the incident chaos ensued# (nalysts immediately soured on the company and put sell recommendations on its stoc7# Satyam8s shares dropped nearly 1' percent and four of the five independent directors resigned# 1n

!ecember .' analysts with %orrester Research advised clients to stop doing business with Satyam because of the fear of widespread fraud# Satyam hired ,errill +ynch to advise it on ways to increase shareholder value# 0y January & -''9 rumors circulated about several potential mergers between Satyam and competitors# 1n January 7 just hours before ,r# Raju disclosed the fraud ,errill +ynch sent a letter to the stoc7 e>change indicating that it was withdrawing from its engagement with Satyam because during the course of its representation it learned of material accounting irregularities# 2he 0oard called an emergency meeting for January 1' to address the company8s rapidly deteriorating reputation#

". Ho: the 84(2+ :(s U*7o)e4e+ 1n January 7 -''9 ,r# Raju disclosed in a letter to Satyam8s 0oard of !irectors that he had been manipulating the company8s accounting numbers for years# ,r# Raju said the manipulation started out small and grew larger by the year# $n the letter he stated L$t was li7e riding a tiger not 7nowing how to get off without being eaten#L ,r# Raju stated that eventually the stress of hiding the fraud grew too much for him to bear#

%. Res6o*si;le P(4ties ,r# Raju was the primary individual responsible for the fraud# $ndian authorities accused ,r# Raju and subsidiary players such as the C%1 a managing director the company8s global head of internal audit and ,r# Raju8s brother with responsibility for the fraud and filed charges against them# (dditionally Satyam8s auditors and 0oard of !irectors bear some responsibility for the fraud because of their failure to detect it# %inally the ownership structure of $ndian businesses contributed to the Satyam scandal# (. M4. R(<2 (*+ Co36(*, I*si+e4s= Role ,r# Raju claimed that he overstated assets on Satyam8s balance sheet by E1#?7 billion# 5early E1#'? billion in ban7 loans and cash that the company claimed to own was none>istent# Satyam also underreported liabilities on its balance sheet# Satyam overstated income nearly every @uarter over the course of several years in order to meet analyst e>pectations# %or e>ample the results announced on 1ctober 17 -''9 overstated @uarterly revenues by 7& percent and profits by 97 percent# ,r# Raju and the company8s global head of internal audit used a number of different techni@ues to perpetrate the fraud# Jsing his personal computer ,r# Raju created numerous ban7 statements to advance the fraud# ,r# Raju falsified the ban7 accounts to inflate the balance sheet with balances that did not e>ist# Ne inflated the income statement by claiming interest income from the fa7e ban7 accounts# ,r# Raju also revealed that he created B ''' fa7e salary accounts over the past few years and appropriated the money after the company deposited it# 2he company8s global head of internal audit created fa7e customer identities and generated fa7e invoices against their names to inflate revenue# 2he global head of internal audit also forged board resolutions and illegally

obtained loans for the company# $t also appeared that the cash that the company raised through (merican !epository Receipts DL(!RsLFO1P in the Jnited States never made it to the balance sheets# ,r# Raju initially asserted that he did not divert any of the money to his personal accounts and that the company was not as profitable as it had reportedQ however during later interrogations ,r# Raju revealed that he had diverted a large amount of cash to other firms that he owned and that he had been doing this since -''?# ,r# Raju also initially asserted that he acted alone in perpetrating the fraud# Nowever as noted above $ndian authorities also charged ,r# Raju8s brother the company8s C%1 the company8s global head of internal audit and one of the company8s managing directors#

;. A2+ito4s Role 9lobal auditing firm *rice <aterhouse Coopers DL*<CLF audited Satyam8s boo7s from June -''' until the discovery of the fraud# Several commentators critici)ed *<C harshly for failing to detect the fraud# *<C signed Satyam8s financial statements and was responsible for the numbers under $ndian law# 1ne particularly troubling item concerned the E1#'? billion that Satyam claimed to have on its balance sheet in non-interest bearing deposits# (ccording to accounting professionals a reasonable company would have either invested the money into an interest bearing account or returned the e>cess cash to the shareholders# 2he large amount of cash thus should have been a red flag for the auditors that further verification and testing was necessary# %urthermore it appears that the auditors did not independently verify with the ban7s in which Satyam claimed to have deposits# (dditionally the fraud went on for a number of years and involved both the manipulation of balance sheets and income statements# <henever Satyam needed more income to meet analyst estimates it simply created fictitious sources and it did so numerous times without the auditors ever discovering the fraud# Suspiciously Satyam also paid *<C twice what other firms would charge for the audit which raises @uestions about whether *<C was complicit in the fraud# %urthermore *<C audited the company for nearly 9 years and did not uncover the fraud whereas ,errill +ynch discovered the fraud as part of its due diligence in merely 1' days# ,issing these red flags implied either that the auditors were grossly inept or in collusion with the company in committing the fraud# *<C initially asserted that it performed all of the company8s audits in accordance with applicable auditing standards# 7. Bo(4+ o5 Di4e7to4s Role Satyam8s 0oard of !irectors consisted of nine members# %ive members of the 0oard were independent as re@uired by $ndian listing standards# $n its regulatory filings with the S:C Saytam revealed that it did not have a financial e>pert on the board during -''6# %urther concerns later developed surrounding the 0oard of !irectors lac7 of independence# 2he 0oard contained several prominent figures in the business world a fact that li7ely contributed to the lac7 of scrutiny that Satyam received# ,embers of the 0oard included 4rishna *alepu who is a Narvard *rofessor and corporate governance e>pert Rommohan Rao the !ean of the $ndian School of 0usiness and "inod !ham co-inventor of the *entium *rocessor#

2he 0oard first came under fire on !ecember 1B -''6 when it approved Satyam8s purchase of real estate companies in which ,r# Raju owned a large sta7e# 2he 0oard rescinded the approval after shareholders led a revolt of the deal# 4rishna *alepu Rommohan Rao and "inod !ham all resigned from the 0oard within two days of the rescission of the transaction# 2he botched transaction provided the investors with the impression that the 0oard was not actively monitoring Satyam# %urthermore the 0oard should have caught some of the same red flags that the auditor *<C missed# (dditionally the 0oard of !irectors should have been concerned with the 7nowledge that ,r# Raju decreased his holdings of Satyam significantly over the three years leading up the disclosure of the fraud# ,r# Raju8s holdings fell from 1&#B7 percent in -''&--''B to -#. percent in -''9#

A5te43(th 2he $ndian stoc7 mar7et fell dramatically upon the disclosure of the Satyam scandal# $ndian authorities @uic7ly started an investigation and pursued criminal actions that ensnarled Satyam8s e>ecutives auditors and $ndian politicians# Satyam successfully emerged from the crisis through an asset sale during the spring of -''9# 2he authorities8 swift actions also restored confidence in the $ndian securities mar7ets# !. Sto71 M(41et Co*se>2e*7es 2he news of the scandal roc7ed the $ndian stoc7 e>changes# 1n the day that the scandal bro7e Satyam8s stoc7 lost 6- percent and the Sense> inde> closed down 7#. percent# Jncertainty pervaded the mar7et during January as investors lost confidence in $ndia8s mar7ets# 2he Sense> fell 1. percent between the time that problems first emerged at Satyam on !ecember 17 -''6 and January -. -''9# *oliticians feared that the loss of trust in the mar7et would ta7e years to regain# ". I*)esti?(tio*@ C4i3i*(l@ (*+ Ci)il Ch(4?es 2he investigation that followed the revelation of the fraud has led to charges against several different groups of people involved with Satyam# $ndian authorities arrested ,r# Raju ,r# Raju8s brother 0# Ramu Raju its former managing director Srinivas "dlamani the company8s head of internal audit and its C%1 on criminal charges of fraud# $ndian authorities also arrested and charged several of the company8s auditors *rice <aterhouse Coopers with fraud# 2he $nstitute of Chartered (ccountants of $ndia ruled that the C%1 and the auditor were guilty of professional misconduct# 2he C0$ is also in the course of investigating the C:18s overseas assets# 2here were also several civil charges filed in the Jnited States against Satyam by the holders of its (!Rs# 2he investigation also implicated several $ndian politicians# (s of the date of this article8s posting both civil and criminal litigation continue in $ndia and civil litigation continues in the Jnited States# %. S(t,(3 PostAC4isis

$mmediately after ,r# Raju8s revelation of the fraud new board members were appointed and started wor7ing towards a solution that would prevent the total collapse of the firm# $ndian officials acted @uic7ly to try to save Satyam from the same fate that met :nron and <orldCom when they e>perienced large accounting scandals# 0oth :nron and <orldCom filed for ban7ruptcyRcreating a large upheaval in the capital mar7ets as well as an increase in unemployment as the employees wor7ing at those firms lost their jobs# 2he $ndian government immediately started an investigation while at the same time limiting its direct participation with Satyam because it did not want to appear li7e it was responsible for the fraud or attempting to cover up the fraud# 2he government appointed a new board of directors for Satyam to try to save the company# 2he 0oard8s goal was to sell the company within 1'' days# 2o devise a plan of sale the board met with ban7ers accountants lawyers and government officials immediately# $t wor7ed diligently to bring stability and confidence bac7 to the company to ensure the sale of the company within the 1''-day time frame# 2o accomplish the sale the board hired 9oldman Sachs and (vendus Capital and charged them with selling the company in the shortest time possible# 0y mid-,arch several major players in the $2 field had gained enough confidence in Satyam8s operations to participate in an auction process for Satyam# 2he Securities and :>change 0oard of $ndia DLS:0$LF appointed a retired Supreme Court Justice Justice 0harucha to oversee the process and instill confidence in the transaction# Several companies bid on Satyam on (pril 1. -''9# 2he winning bidder 2ech ,ahindra bought Satyam for E1#1. per shareRless than a third of its stoc7 mar7et value before ,r# Raju revealed the fraudRand salvaged its operations# 2he ac@uisition has e>perienced a few problems# 1n 5ovember -B -''9 shares tumbled 1' percent amid further revelations that the fraud was almost E1 billion larger than initially thought# %urthermore the $ndian courts brought criminal charges against one of the investigators for accepting a bribe related to the investigation calling into @uestion whether further investigations were necessary# 0oth 2ech ,ahindra and the S:0$ are now fully aware of the full e>tent of the fraud and $ndia will not pursue further investigations# 2he stoc7 has again stabili)ed from its fall on 5ovember -B -''9 and as part of 2ech ,ahindra Saytam is once again on its way toward a bright future# Re?2l(to4, Re5o43 (*+ the I36o4t(*7e o5 Co46o4(te Go)e4*(*7e Corporate governance is important for economic development# Research shows that the ratio of stoc7 mar7et capitali)ation to 9!* in countries that ran7 in the highest @uartile for corporate governance is four times higher than stoc7 mar7ets that ran7 in the lowest @uartile for corporate governance# *oor corporate governance significantly hampers the ability of businesses to raise capital and impedes economic growth# :ffective corporate governance provides for more efficient allocation of resources as the return on assets in countries with the highest levels of corporate governance is double that of the return on assets in countries with the lowest levels of corporate governance# $ndia has been proactive throughout its past -' years of economic liberali)ation in bringing regulations to help foster effective corporate governance that contributed to its economic growth# $ndia immediately portrayed the Satyam scandal as an aberration to try to salvage the remaining confidence in its capital mar7ets# Several commentators however claimed that the scandal was not an aberration but a sign of governance issues in $ndia# (fter the Satyam scandal investors and regulators called for strengthening the regulatory environment in the securities mar7ets# $n response to the scandal the S:0$ revised corporate governance re@uirements as well as financial reporting re@uirements for publicly traded corporations listed in the country# 2he S:0$ also strengthened its commitment to the adoption of $nternational %inancial (ccounting

Reporting Standards# $n addition the ,inistry of Corporate (ffairs is devising a new Corporate Code and is considering changing the securities laws to ma7e it easier for shareholders to bring class action lawsuits#

S2??estio*s
!. Go)e4*(*7e Re5o43 B I*+e6e*+e*t Di4e7to4s 2here should be always reforms in the corporate governance policies to protect the unfair business practices it will ma7e easier for the shareholder to sue officers and directors and they can be protected from these type of scams and losses# ". Dis7los24e o5 Ple+?e+ Se724ities 2he S:0$ should increased disclosure obligations of promoters and controlling shareholders# 0efore the Satyam scandal promoters and controlling shareholders were not re@uired to disclose to investors if they had pledged their stoc7# %. I*74e(se+ 8i*(*7i(l A77o2*ti*? Dis7los24es 2he S:0$ should propose the companies to disclose their balance sheet positions on @uarterly basis year# *reSatyam the regulations only re@uired disclosure of balance sheet positions once a year# 2he increased reporting of companies8 balance sheets will provide investors with more information on the stability of a company8s financial position# &. I8RS A+o6tio* o5 I*te4*(tio*(l St(*+(4+s' 9overnment should force the companies to adopt the $%RS D$nternational %inancial Reporting StandardsF by (dopting $%RS will facilitate investor comparisons of financial performance across country lines and will increase confidence in the accounting numbers# /. C4e(tio* o5 Ne: Co46o4(te Co+e A Mi*ist4, o5 Co46o4(te A55(i4s

2he $ndian ,inistry of Corporate (ffairs is should draft a new corporate code for $ndian publicly listed companies# 2his new corporate code will ma7e the companies to wor7 legally and ethically C. Re?2l(to4, o;li?(tio*s9 9overnment should have Strictness in regulatory obligations imposed by S:0$ on public listed companies so that the companies should not follow the unfair practices and the rights of the investors should be saved and they should not get cheated

Co*7l2sio*
SatyamGs fraud spurred the government of $ndia to tighten corporate norms to prevent investors and safeguard the credibility of $ndia and the nationGs image across the world (n effective Swhistle blower policyG in place education on ethical values criteria for remuneration to 7ey personnel and strengthening of @uality review ( transformed organi)ational culture which pays highest attention to ethical conduct and moral values will strengthen sustainable roots of the company# 2ransparency and effective auditing and regulatory chec7s through internal and e>ternal auditors and monitoring agencies will help establish long lasting credibility for any company# Corporate governance framewor7 needs to be implemented in letter as well as spirit# 2he increasing rates of white collar crimes demands stiff penalties and punishment# 2he small distortions created by few immoral e>ecutives lad far reaching negative conse@uences# Nopefully creating an awareness of the large conse@uences of small lies may help some to avoid this trap#

Re5e4e*7es9
http://www.vccircle.com/news/technology/2009/01/09/beat-satyam-won-awards-corp-governance-internal-audit http://papers.ssrn.com/sol3/papers.c m!abstract"id#1$%0022 http://www.mydigital c.com/news/listed- irms-get-new-conduct-code-9$9 http://www.highbeam.com/doc/1&1-19'$92%19.html https://login.thetimes.co.u(/!goto)rl#http*3+*2,*2,www.thetimes.co.u(*2,tto*2,business*2,industries *2,technology*2, http://papers.ssrn.com/sol3/papers.c m!abstract"id#%$9-.'

www.indlawnews.com//rror0age.asp1!asp1errorpath#/2ewsdisplay.asp1 http://online.ws3.com/news/articles/4512.92$1920019%.239!mg#reno%$-ws36url#http*3+*2, *2,online.ws3.com*2,article*2,4512.92$1920019%.239.html www.wsws.org/en/articles/2009/01/indi-32'.html http://online.ws3.com/news/articles/4510001$2$0.2'$-'03$99$0$.'$..92%320-%02'2%!mg#reno%$ws36url#http*3+*2,*2,online.ws3.com*2,article *2,4510001$2$0.2'$-'03$99$0$.'$..92%320-%02'2%.html http://www.pr7oom.com/news/32'23/ http://www.redi .com/money/200-/oct/2$bcrisis10.htm http://(nowledge.wharton.upenn.edu/article/paying-the-price-satyams-auditors- ace-plenty-o -8uestions/ http://(nowledge.wharton.upenn.edu/article/paying-the-price-satyams-auditors- ace-plenty-o -8uestions/ http://news.outloo(india.com/items.asp1!artid#%.-9.. www.thaindian.com/newsportal/business/ramalinga-ra3u-admits-to-diverting-satyam-money"1001$.331.html