In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years.
The Satyam board said corporate governance, a clean record, management and organisational ability in operating a global company will be considered, apart from the financial bid and other technical criteria. The bidders will furnish an irrevocable and unconditional performance bank guarantee of Rs 100 crore to guarantee the deposit of funds required for the preferential allotment and the requisite escrow amounts for the public offer within four days of being selected.
Does not want Satyam shareholders to be punished twice.
India has urged the US Securities Exchange Commission (SEC) not to impose fine on Satyam, now Mahindra Satyam, in view of irregularities as the company was also listed there.
The main intention of the revised guidance is to ensure that the benefits of SOX 404 compliance outweigh the cost (both in terms of time and money) of implemetation, such that both investors and management can reap the benefits of SOX 404 compliance.
India's business process outsourcing major EXL Service has cut down the size of its proposed initial public offer on the Nasdaq Stock Exchange by 20 per cent
Ironically, the Bangalore-based company had established itself as a major Information Technology powerhouse leveraging India's low-cost high-skilled manpower.
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
Its international revenue stood at $53 million in 2012, accounting for 17 per cent of its overall revenue.
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