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Satyam case: Court to announce verdict date on July 28

Satyam case: Court to announce verdict date on July 28

The XXI Additional Chief Metropolitan Magistrate Court in Nampally, Hyderabad, on Thursday adjourned the case that also involves nine other people. This has been done in the light of the fact that the case involves voluminous oral and documentary evidence.

E Kumar Sharma
  • Updated Jun 26, 2014 3:56 PM IST
Satyam case: Court to announce verdict date on July 28File photo of Satyam Computers' headquarters in Hyderabad. PHOTO: Reuters

A local court in Hyderabad will announce on July 28 the date for pronouncement of its judgement in the Satyam Computer fraud case involving its then-chairman B. Ramalinga Raju.

The XXI Additional Chief Metropolitan Magistrate Court in Nampally, Hyderabad, on Thursday adjourned the case that also involves nine other people. This has been done in the light of the fact that the case involves voluminous oral and documentary evidence.

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The multi-crore accounting fraud at the erstwhile Satyam Computer Services rocked India Inc five years ago. On January 7, 2009, Raju sent out a letter to Satyam's board members admitting that the books of the company had been cooked. The development also, arguably for the first time, turned the spotlight on the roles and duties of chartered accountants and auditors. A couple of days after he sent the letter, Raju was arrested by the Andhra Pradesh Criminal Investigation Department.

The Central Bureau of Investigation subsequently took up the matter and has so far filed three charge sheets against the 10 accused. All of them served about 18 months in prison as undertrials.

Three months after Raju's letter, the Mahindra Group acquired Satyam Computer and gave it a new identity-Mahindra Satyam, which merged with Tech Mahindra on June 25 last year. The combined $2.7 billion entity is now called Tech Mahindra.

Published on: Jun 26, 2014 3:55 PM IST
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