Verdict in Satyam case likely on Dec 23

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SME Times News Bureau | 31 Oct, 2014
The much-awaited judgment in the multi-crore rupee Satyam scam is likely to be pronounced by a special court Hyderabad on Dec 23.

Special judge B.V.L.N. Chakravarthi Thursday fixed the date of the verdict in what is billed as the country's biggest accounting fraud which shocked the corporate world in 2009

K. Surender, special public prosecutor, Central Bureau of Investigation (CBI) said the verdict is expected to be delivered on Dec 23. He also hinted at the possibility of a delay of few more days given the volume of the case.

All 10 accused including prime accused Satyam Computer Services Limited founder and former chairman B. Ramalinga Raju appeared in the court.

The court also heard arguments on Ramalinga Raju's petition challenging the authenticity of some of the electronic evidence presented by the CBI.

The scam came to light on Jan 7, 2009, when Ramalinga Raju confessed that the company's account books and profits were inflated over many years to the tune of several crores of rupees.

The CBI put the loss to the shareholders at Rs.14,000 crore. The investigating agency also charged Raju of gaining Rs.2,500 crore by selling his family shares in Satyam.

Raju, who was also charged with floating several front companies to buy land with the scam money, was arrested by Andhra Pradesh Police on Jan 9, 2009.

The CBI, which later took up the investigations, filed three charge sheets against Raju and other accused, charging them with cheating, criminal conspiracy, forgery, falsification of accounts and breach of trust.

Raju, who was released on bail, later retracted his confession and contended that all the charges levelled against him were false.

The other accused in the case are Raju's brothers B. Rama Raju and B. Suryanarayana Raju, Satyam's former chief financial officer Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, former employees G. Ramakrishna, D. Venkatpathi Raju and Ch. Srisailam, and Satyam's former internal chief auditor V. S. Prabhakar Gupta.

After the scam, Tech Mahindra took over Satyam Computers in a government-sponsored auction. Mahindra Satyam later merged with Tech Mahindra.