The two P. Dubs-India partners rotting in a prison because, according to them, we’re duped by the geniuses at Satyam, got their vacation extended to August 19, according to The Business Standard. We have no idea if India’s prisons are the PMITA variety but at the very least, it’s crazy-ass hot.
Hyd court extends Raju’s remand till August 19 [The Business Standard]
Tag: Satyam
The SEC Takes a Trip to India
The SEC sent a team to India in order to make sure that everything was hunky-dory re: Satyam. The three-member team met with Ashwani Kumar, the Central Bureau of Investigation (CBI) Director, and the Securities and Exchange Board of India (SEBI). The SEC also met with the KPMG team that is responsible for restating Satyam’s balance sheet.
No details were given on any of the meetings but we imagine that the SEC/KPMG meeting went something like this:
SEC Bureaucrat: Hello KPMG India.
KPMG Paper Pusher: Hello SEC America.
SEC: How are things progressing?
KPMG: Oh this is a blast. Restating balance sheets is a dream job. We were just talking about how we wish we could work in the States so we could do stuff like this all the time.
SEC: What do you mean?
KPMG: Well, there seems to be much more fraud and other problems in the United States than here in India so the need for forensic accountants would be extremely high.
SEC: Are you insinuating that the Commission is unable to detect fraud?
KPMG: Well there have been some signficant fraud over there lately that you guys pretty much ignored or missed. Either way, it makes for a high demand for forensic accountants. Plus, we hear that the guy who tried warning you about the Madoff fraud has issues but still won an award.
SEC: This meeting is over. Keep us informed.
Satyam scam: SEC team meets CBI, SEBI, KPMG officials [The Hindu Business Line]