Last Updated 20 Apr 2022

The Role of Mr Vadlamani Srinivas

Category Fraud
Words 490 (1 page)

Mr V. Srinivas wilfully manipulated financial data and guided the staff in modifying the published results, which were false and forged. He revealed that the FDs were non-existent, results manipulated and he just signed on instructions from Mr B. Ramalinga Raju, ex-Chairman, in the Rs 7,136-crore financial fraud? Being at the centre of all financial dealings of Satyam, Mr V. Srinivas wilfully and actively manipulated financial data and guided the finance department staff in modifying the published results, which were false and forged.

Mr Srinivas got the monthly bank statements of various banks forged, he got issued forged bank balance confirmation letters and got the forged letters signed by Mr B. Rama Raju (Ex-Managing Director), and brother of Mr Ramalinga Raju, showing purported transfer of funds and got forged FDs prepared. All these forged documents were used for fraudulently inflating the cash and bank balance artificially in the books of accounts for several years.

Though Mr Srinivas was never designated as Director, he subscribed his signature in the annual financial statements of the company as a Director, the investigating agency has charged. The ex-CFO dishonestly got the falsified, inflated sales invoices generated and fed in the Oracle Financials System. He was in league with the other accused persons and perpetrated the fraudulent acts. Further, Mr Srinivas guided the finance department personnel on the quantum of inflation of sales to be infused into the computer system from time to time.

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Rosy presentations Mr Srinivas along with Mr Ramalinga Raju gave deceptive replies on Satyam’s earnings during conference calls conducted every quarter to various investors, thus distorting the actual financial position. During board meetings and the audit committee meetings, the ex-CFO made rosy presentations of the company’s financial health, despite knowing the real financial position. Similarly, by conniving with the Raju brothers, he worked against the interest of the company and shareholders, whose interests he was to protect.

While being party to perpetrating the fraud with the Raju brothers and other accused, Mr Srinivas was a beneficiary. He gained from the dividends received and the amount got by offloading shares at opportune moments. Thus, he was privy to the offences. Although Ramalinga Raju has absolved his entire senior management of any wrongdoings, it is common knowledge that a financial crime of such magnitude could not have been committed without the knowledge of the bean counters. The person in focus here is Srinivas Vadlamani, the Chief 'Fraud' Officer of Satyam.

Willingly or unwillingly, Srinivas has been party to the accounting irregularities at Satyam. The Institute of Chartered Accounts of India (ICAI) has found Satyam’s former chief financial officer Srinivas Vadlamani and PWC auditor Srinivas Talluri, who signed the company’s financial audit, guilty of professional misconduct in the Rs 8,000-crore Satyam fraud — the biggest such case in India Inc. These two have been found guilty on three counts: •Failing to conduct proper due diligence of the accounts, •Gross negligence of their work & •Violating the ICAI’s code of conduct.

The Role of Mr Vadlamani Srinivas essay

Related Questions

on The Role of Mr Vadlamani Srinivas

Who is to blame for Satyam's Rs 7000 crore fraud?

HYDERABAD: Satyam Computer Services CFO Srinivas Vadlamani on Monday blamed the firm's statutory auditors Pricewaterhouse Coopers and the disgraced founder of Satyam B Ramalinga Raju for perpetrating the Rs 7,000 crore financial fraud.

Who is Srinivas Vadlamani?

On January 22, 2009, Satyam’s CFO Srinivas Vadlamani confessed to having inflated the number of employees by 10,000. He told CID officials interrogating him that this helped in drawing around Rs 20 crore per month from the related but 3 fictitious salary accounts.

What does the Satyam scandal mean for Indian corporate governance?

Now, because of the Satyam scandal, Indian rivals will come under greater scrutiny by the regulators, investors and customers. Corporate Governance Needs to Be Stronger: The Satyam case is just another example supporting the need for stronger Corporate Governance.

Is Satyam owned by Tech Mahindra?

Consequently, Tech Mahindra (holding 31% stake in Satyam) bought Satyam renaming it on June 21, 2009, as ‘Mahindra Satyam’ [15] and replaced its executive Board by appointing its (Tech Mahindra) CEO and MD Vineet Nayyar as ViceChairman (who in December 2009 was promoted as Chairman), its international operations head CP Gurnani as CEO.

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