Satyam case: Court to decide fate of Ramalinga Raju, 10 others

April 09, 2015 10:27

More than six years after one of the biggest corporate scandals involving an Indian company erupted, a special court in Hyderabad will pronounce its verdict in the multi-crore accounting fraud in erstwhile Satyam Computer Services Ltd.

The case which rocked India Inc and led to a massive upheaval in the software and Information Technology Enabled Service industry in the country was investigated by the Central Bureau of Investigation.

During the last hearing on March 9, 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."

Financial and criminal liabilities of various entities and individuals involving thousands of crores of rupees will be determined when the additional chief metropolitan magistrate pronounces judgement after a trial that's lasted 50 months.

B Ramalinga Raju, one of the pioneers in the industry and Satyam's founder and then chairman, allegedly confessed to manipulating his company's account books and inflating profits over many years to the tune of crores of rupees.

The 2009 confession sparked a series of events that led to his prosecution and the company's takeover by Tech Mahindra.

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