A presentation on Satyam Scandal by Umesh & Group.

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11. THE BIGGEST ACCOUNTING SCANDAL EVER IN THE HISTORY OF INDIA SATYAM BECOMES ENRON OF INDIA

20. Following is the chronological summary of events which saw IT major Satyam Computer Services , founded in 1987, on its path to disaster

21. 1. December 16: Satyam gets board's approval for acquisition of Maytas Infrastructure and Maytas Properties for $1.6 billion. 2. December 18: British mobile solution provider Upaid files a law suit against Satyam in a district Court in the US over Maytas deal.

22. 3. December 24: World Bank bans Satyam for 8 years on charges of data-theft. 4. December 25: Satyam objects to World Bank's statements; asks Bank to apologise to the company or face legal action.

23. 5. January 2: Promoter holding in Satyam drops to 5.31 per cent from 8.27 per cent after sale of pledged shares by lenders.

24. 6. January 6: Raju family holding in Satyam falls to 3.16 per cent after sale of pledged share by lenders 7. January 7: Satyam Chairman Ramalinga Raju sends letter to board tendering his resignation and admitting to fraud in accounting books. 8. January 7: Satyam Managing Director B Rama Raju also resigns.

25. Marketmen said that the fundamentals of the company have been shaken completely and the malpractices in the financial disclosures has shattered investor confidence. "This is a big blow for the investors, employees and anybody associated with the company. It is also a shocking news for the FIIs and majority of them will exit the stock. The scrip on Wednesday plunged nearly 78 per cent to settle the trade at an all-time low of Rs 39.95, on the BSE.