Satyam CFO Vadlamani Srinivas arrested

Sunday, January 11, 2009 at 5:01 am under Business News

Satyam Computer’s suspect CFO Vadlamani Srinivas was arrested on Saturday (Jan 10). Earlier, he was taken into custody by Andhra Pradesh police’s Criminal Investigation Department in Hyderabad on Saturday.

Srinivas was picked by the CID sleuths from Madhapur and taken to the state police headquarters where the investigation team has been interrogating him. CID sources had said Srinivas might be officially shown as “arrested” either late in the night or Sunday morning after the preliminary interrogation.

Chartered accountants body ICAI on Saturday (Jan 10) served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.

“We today served showcause notice on PriceWaterhouse and asked it to reply within 21 days,” Institute of Chartered Accountants of India (ICAI) President Ved Jain said. If the reply to the notice does not come by 21 days, all members of PriceWaterhouse who audited the Saytam accounts could be banned for life time, Jain said.

The firm has also been asked to submit balance sheets, financial statements and other relevant documents of Satyam Computer audited by it for the last five years, he said. The audit firm has maintained that it followed applicable audit standards and went by audit evidence provided by the company. (Read more)

(With inputs from agencies)

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