Satyam paid excess tax, SFIO says

Satyam paid excess tax, SFIO says
Comment E-mail Print Share
First Published: Thu, Apr 30 2009. 11 54 PM IST
Updated: Thu, Apr 30 2009. 11 54 PM IST
New Delhi: The Serious Fraud Investigation Office (SFIO) has found that Satyam Computer Services Ltd paid an additional corporate tax of Rs186.9 crore on account of inflated accounts, people familiar with the matter said.
Experts said a demand by the new management for a refund would not be realized easily as the income-tax department has no clear directives under present statutes to deal with a case like this.
SFIO’s report on Satyam said the firm also paid an excess incentive of Rs338 crore to employees, the people said, requesting anonymity. The promoters made Rs3,029.67 crore by selling equity between 2000 and 2009, made possible by price manipulation and insider trading, they said. The report has also suggested connivance by auditors, they said.
cnbctv18@livemint.com
Comment E-mail Print Share
First Published: Thu, Apr 30 2009. 11 54 PM IST
More Topics: CNBC TV18 | Company News | Satyam | Tax | SFIO |