In September 2008, Satyam Computer Services won a Golden Peacock award for corporate governance, in the category of risk management and compliance. It had won a Golden Peacock governance award before, in 2002.
On January 7, 2009, its chairman, Ramalinga Raju, admitted in a letter to the board that the accounts showed “inflated (non-existent) cash and bank balances” of 50.40 billion rupees. The award was withdrawn.