Business
Satyam case verdict deferred till April 9
A special CBI court here on Monday adjourned pronouncement of the judgment in the multi-crore Satyam scam till April 9.
Special
Judge B.V.L.N. Chakravarthi of the Central Bureau of Investigation
(CBI) court, who was scheduled to pronounce the verdict on Monday,
deferred it by a month.
The court on December 23, 2014 had set
March 9 as the date for the judgement in the country's biggest
accounting fraud that left the corporate world stunned in 2009.
All
10 accused, including prime accused B. Ramalinga Raju, the Satyam
Computer Services Ltd's founder and former chairman, appeared in the
court.
The scam came to light on January 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 with gaining Rs.2,500 crore by
selling his family shares in Satyam.
Raju was charged with
floating several front companies to buy land with the scam money as
well. He was arrested by Andhra Pradesh Police on January 9, 2009.
The
CBI, which later took up the investigation, filed three chargesheets
against Raju and the 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 others accused in the case are Raju's brothers B. Rama
Raju and B. Suryanarayana Raju, Satyam's former chief financial officer
Vadlamani Srinivas, former PricewaterhouseCoopers 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.
An economic offences court on
Dec 8 last year sentenced Ramalinga Raju and three others to six months
imprisonment in six of the seven cases filed by the Serious Fraud
Investigation Office (SFIO).