Which Indian technology company admitted in 2009 that its accounts had been falsified?

Satyam Computer Services admitted in 2009 that its accounts had been falsified.

Satyam was one of India’s prominent information-technology outsourcing companies. On 7 January 2009, founder and chairman B. Ramalinga Raju wrote to the board that the company’s books had been manipulated. He described inflated assets, understated liabilities and fictitious cash balances.

The admission triggered a major corporate crisis in India. The government dissolved Satyam’s board, and new directors arranged a strategic rescue. Tech Mahindra acquired a controlling stake in the company in 2009, after which Satyam was rebranded Mahindra Satyam and later merged with Tech Mahindra.

The scandal is sometimes called India’s Enron, but the companies and schemes were different. Satyam’s name refers to the company involved, while Raju is the key individual associated with the confession. The case also prompted debate about auditing and corporate governance in India.