On the legal front, Nayyar said, the company has settled some claims while one matter was awaiting judicial decision.
“We have also issued a bank guarantee in favour of the Income Tax Department, while vigorously contesting its claim to levy tax on fictitious income,” he said.
The country’s biggest ever accounting fraud came to light at the erstwhile Satyam in 2009 after its then Chairman and founder B Ramalinga Raju admitted to inflating cash and bank balances, non-existent accrued interest, understating liabilities and overstating debtors position at the company.
(Curated by Dennis Moore. Read the complete article here)