Satyam Scam Essay

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LEGAL ASPECTS OF SATYAM FIASCO Group members:- Ankit Jain - 10DM-016 Ankit Rungta - 10FN-016 Akhil T N - 10HR-003 Anurag Wate - 10HR-008 Anish Goenka - 10IB-011 1. EMERGENCE OF SATYAM COMPUTER SERVICES Ltd. Satyam Computer Services Ltd. was a rising star in the Indian outsourced IT services industry. The company was formed in 1987 in Hyderabad, India by B. Ramalinga Raju. The firm began with twenty employees and grew rapidly as a global business. It offers information technology (IT) and business process outsourcing (BPO) services spanning various sectors, including: aerospace and defense, banking and financial services, energy and utilities, life sciences and healthcare, manufacturing and diversified industrials, public services and education, retail, Tele communications and travel. By 2003, Satyam’s IT services businesses included 13,120 technical associates servicing over 300 customers worldwide. At that time, the worldwide IT services market was estimated at nearly $400 billion, with an estimated annual compound growth rate of 6.4%. The markets major drivers at that point of time were the increased importance of IT services to businesses worldwide, the impact of the internet on E-Business, the emergence of a high‐quality IT services industries in India and their methodologies and the growing need of IT services providers who could provide a range of services. The Indian IT services industry had its risks: geopolitical conflict in South Asia and terrorist attacks in the United States; Indian political instability; restrictions on foreign investment decisions; the impact of exchange rate and tax regimes; and, finally, laws associated with intellectual property. To compete against Accenture, BearingPoint, Cap Gemini,

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