A little while ago, we told you how PwC locked down the top spot in Vault’s 2020 Accounting 50—the seventh consecutive year the firm has been ranked No. 1. But believe it or not, this isn’t the longest win streak P. Dubs has going when it comes to Vault’s rankings. Even though the House of […]
It’s one of our favorite times of the year at GC HQ when our friends at Vault put out their yearly rankings of the top accounting firms in the U.S. in several categories. But for now, we’re going to focus on the overall top 50 ranking. The No. 1 firm in the U.S. for 2020, […]
We’re getting used to this.
Chances of a speedy resolution to l’affaire Satyam receded on Wednesday with the Andhra Pradesh high court granting bail to the company’s founder and former chairman, B. Ramalinga Raju, freeing, albeit temporarily, the last of the accused in a corporate fraud that came to light in early 2009 with Raju’s confession and whose magnitude has since doubled to a claimed `14,000 crore.
Raju’s release is a setback for India’s federal investigating agency, the Central Bureau of Investigation (CBI), which is yet to produce him in court in person. Arrested on 9 January 2009, Raju has been undergoing treatment for Hepatitis C at Nizam’s Institute of Medical Sciences, Hyderabad.
On 16 August, he retracted his confession in the trial court by responding in the negative to questions posed by the court about the fraud. The burden of proof for Raju’s fraud now rests with CBI. And now, he is out on bail—for two sureties of `20 lakh each.
India’s minister for corporate affairs Salman Khursheed insisted that Raju’s release would not “hamper the ongoing investigation”.
Satyam case weakens with Raju’s release [Live Mint]