SATYAM COMPUTER SERVICES LIMITED

Satyam Computer Services Limited (formerly Satyam Computer Services Limited) was an Indian information technology (IT) services company based in Hyderabad, India. The company was charged with fraudulently overstating the company's revenue, income and cash balances by more than $1 billion over five years. The SEC's complaint, filed in U.S. District Court in Washington, D.C., alleges that former senior officials at Satyam â" an information technology services company based in Hyderabad, India â" used false invoices and forged bank statements to inflate the company's cash balances and make it appear far more profitable to investors. Satyam agreed to pay a $10 million penalty to settle the SEC's charges, require specific training of officers and employees concerning securities laws and accounting principles, and improve its internal audit functions. In addition, it agreed to hire an independent consultant to evaluate the internal controls Satyam is putting in place.