BANGALORE: The chairman of Satyam Computer Services, India’s
fourth-biggest software services exporter, announced his resignation on
Wednesday, triggering a 73.1 per cent drop in the company’s share price,
and dragging the main share index down by 7.36 per cent.
‘I think there is no future for this stock.
This case for India is similar to what happened to Enron in the US,’
said Jigar Shah, senior vice-president at Kim Eng Securities.
It will not stop at Satyam. Many more companies will come into scrutiny
like that. There is a strong possibility investments in India will be
affected.’
http://www.dawn.net/wps/wcm/connect/Dawn%20Content%20Library/dawn/news/business/indias-satyam-chief-quits-shares-plunge-haAnton
Britz wrote:
The World Bank has barred India's Satyam Computer Services – the aid
institution's largest software vendor and India's fourth-largest
outsourcing
company – from doing business with it for eight years
On Tuesday, World Bank confirmed earlier reports of the ban in a statement
that said Satyam had provided "improper benefits" to bank staff and failed
to "maintain documentation to support fees charged for its subcontractors.
"http://www.theregister.co.uk/2008/12/24/world_bank_bans_satyam_8_years/
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