News

 

In February 2009, India's federal investigating agency CBI took over the probe. 

 

In Indian currency it is a nearly Rs 10,000 crore scam. Some put the figure at Rs 14,000 crore.

 

Raju,  his brother  B Rama Raju, former company official Vadlamani Srinivas and former director Ram Mynampati were among the prime accused.

 

The Indian arm of Satyam's statutory auditor PwC was fined $6 million by the SEC (US Securities and Exchange Commission) for not following the code of conduct and auditing standards in the performance of its duties related to the auditing of the accounts of Satyam Computer Services.

 

 In April 2009, a 46% stake in Satyam was purchased by Mahindra & Mahindra owned company Tech Mahindra, as part of its diversification strategy. Effective July 2009, Satyam rebranded its services under the new Mahindra management as "Mahindra Satyam".