Hyderabad: Satyam Scam in Information Technology Enabled Service (ITES) industry finished its investigation from Central Bureau of Investigation and the verdict is to be known from Hyderabad Court today i.e. Thursday.
The multi-crore accounting fraud in erstwhile Satyam Computer Services Ltd (SCSL) thjat is involved in biggest corporate scandals for more than 6 years is to get a final decision from Hyderabad High Court and will decide the fate of B Ramalinga Raju and related group in the company.
The scam case that rocked India Inc underwent investigation by CBI as it led to a massive upheaval in the software and ITES industry in past.
Special Judge BVLN Chakravarthi said, “On April 9, the judgement will be pronounced. I am making it very clear. April 9 will be the final date for the verdict. No question of further adjournments. Court will not wait”.
What Did Ramalinga Raju Do?
One of the pioneers in industry, B Ramalinga Raju who is Satyam’s founder and later became chairman was into a scam case for a long time. He manipulated company’s account books and inflated profits for many years affording to crores of rupees. For this, he and his brother, Rama Raju along with other people was arrested by AP Police’s Crime Investigation Department on January 11.
It is the time period of six years that 3,000 documents were marked and 226 witnesses examined the scam case. Counting to 10, all the arrested persons are out on bail. The accused include
- Satyam’s former Managing Director B Rama Raju
- Former chief financial officer Vadlamani Srinivas
- Former PwC auditors Subramani Gopalakrishnan and T Srinivas
- B Suryanarayana Raju
- Satyam’s former internal chief auditor VS Prabhakar Gupta
- Former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam
Special Court for Economic Offences fined Satyam and group who are involved in the case for violation of various provisions of Companies Act. Get back to us to get Satyam Hyderabad court verdict on Ramalinga Raju today.