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Satyam gets new auditors in shake-up
Source: Agencies |
January 15, 2009, Thursday
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Print Edition
Print Edition
INDIA'S fraud-hit Satyam Computer Services Ltd named new auditors yesterday, the first step by the government-appointed board as the firm battles for survival after unveiling the country's biggest corporate scandal.
KPMG and Deloitte were appointed as the auditors, said Deepak Parekh, a senior Indian banker and part of the outsourcing firm's new three-member board.
Satyam's founder and chairman Ramalinga Raju quit last week and confessed the company's profits had been falsely inflated for years. Raju, his brother and the company's former chief financial officer are being held in judicial custody.
The scandal has hit Indian stocks and the currency, as investors worried over the damage to foreign investment in Asia's third-largest economy and the once-booming outsourcing sector, a magnet for young job seekers.
The new audit firms replace PricewaterhouseCoopers.
KPMG and Deloitte were appointed as the auditors, said Deepak Parekh, a senior Indian banker and part of the outsourcing firm's new three-member board.
Satyam's founder and chairman Ramalinga Raju quit last week and confessed the company's profits had been falsely inflated for years. Raju, his brother and the company's former chief financial officer are being held in judicial custody.
The scandal has hit Indian stocks and the currency, as investors worried over the damage to foreign investment in Asia's third-largest economy and the once-booming outsourcing sector, a magnet for young job seekers.
The new audit firms replace PricewaterhouseCoopers.
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