Satyam banned by World Bank for bribery, Data Theft

World Bank released a statement on Monday confirming rumours about banning Satyam compuers from its site. It is learned Satyam bribed some bank officials to get the contract and it did not maintain invoices for financial transactions with World Bank Officials.

This along with Data Theft has seriously questioned any credibility on Satyam a Hyderabad based computer software services company.

Last week Satyam was in all wrong news for a different reason, Ramalinga Raju the Satyam promoter tried to buy a properties firm Maytas properties (Which is owned by Ramalinga Raju’s son), Satyam being a listed company apporved the process through its so called independant board, when the takeover news came out the institutional investors cried foul and Satyam backed of from the deal.

Now a separate invetigation against Satyam’s ethical conduct is being conducted under India’s companies law.

Satyam is Listed in Bombay Stock Exchange (BSE) and NSE (National Stock Excahnge)

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