Saturday 30 July 2016
facebook.com/Outlookindia twitter.com/outlookindia digimag.outlookindia.com instagram.com/outlookindia youtube.com/user/OutlookMagazine

Court Reserves Judgement in Satyam Case

Hyderabad
File - PTI Photo

A local court trying the case of multi-crore accounting fraud in erstwhile Satyam Computer Services Limited (SCSL) today reserved its judgement while asking all the accused to appear before it on September 15.

"The court has not given any date for judgement. The judgement is reserved. As and when it is ready, it will be notified and pronounced. The accused were asked to appear on September 15," CBI special public prosecutor K Surender said.

The ten accused in the case include prime accused Satyam Computers founder and former chairman B Ramalinga Raju, his brother and Satyam's former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju's another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, and Satyam's former internal chief auditor V S Prabhakar Gupta.

The trial in Satyam fraud case had concluded in second half of June before the special court, which examined 216 witnesses and marked 3,038 documents during the course of the hearing.

Touted as the country's biggest accounting fraud, the scam came to light on January 7, 2009 after Raju allegedly confessed to manipulating his company's account books and inflating profits over many years to the tune of several crores of rupees.

Raju was arrested by the Crime Investigation Department of Andhra Pradesh Police two days later along with his brother.

In February that year, CBI took over the investigation and filed three charge sheets (on April 7, 2009, November 24, 2009 and January 7, 2010), which were later clubbed into one.

Raju and others were charged with offences ranging from cheating, criminal conspiracy, forgery, breach of trust under relevant sections of IPC by way of inflating invoices and incomes, account falsification, faking fixed deposits, besides allegedly falsifying returns through violation of various I-T laws.

During the trial, the CBI alleged that the scam caused a loss of Rs 14,000 crore to Satyam shareholders, while the defence countered the charges, saying the accused were not responsible for the fraud and all the documents filed by the central agency relating to the case were fabricated and not according to law.

READ MORE IN:
SECTION: Business
OUTLOOK 11 August, 2014
© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store

Post a Comment

You are not logged in, please Log in or Register
  • Daily Mail
THE LATEST ISSUE
CLICK IMAGE FOR CONTENTS
OUTLOOK ON TWITTER
Quiz
Kashmir has been the scene for massive protests following the killing of Hizbul commander Burhan Wani on July 8. “Non-lethal” pellet guns used against the protesters have blinded many and 45-odd people have died in the face-off against security forces. The scale of protests have led to frayed tempers in the mainland with many resorting to high-voltage jingoism. But how well do you know Kashmir? Find out, take this quiz.
QUIZ STARTED ON: Jul 25, 2016
Advertisement