Satyam paid excess corporate tax

1 May, 2009

NEW DELHI: The troubled software company Satyam Computer Services Ltd paid excess tax. According to Serious Fraud Investigation Office (SFIO) Saty am paid an additional corporate tax of Rs 186.9 crore on account of inflated accounts.

According to a news article in a business daily, SFIO’s report on Satyam also shows that the company paid an excess incentive of Rs 338 crore to employees. The employees were getting the excess incentive over the last few years on account of inflated books.

The promoters made Rs 3,029.67 crore by selling equity between 2000 and 2009, made possible by price manipulation and insider trading, adds the news article. The SFIO report also suggests connivance by auditors.