 "Court asks Satyam case accused to appear before it next month")
A special court, set up exclusively to deal with the erstwhile Satyam Computer Services accounting fraud case, on Monday directed all the 10 accused, including company's founder B Ramalinga Raju, to appear before it on October 27.
The trial in the case, touted to be the biggest corporate fraud in the country, completed in June this year and judgement is awaited.
During the trial, the court examined 216 witnesses and 3,038 documents produced by the Central Bureau of Investigation (CBI), which alleged that the scam had resulted in a loss of Rs 14,000 crore to Satyam shareholders. The scandal came to light on January 7, 2009, when Ramalinga Raju confessed to a massive accounting fraud in a letter addressed to the company’s board members. Satyam was subsequently taken over by Tech Mahindra.
The charges ranged from criminal conspiracy to breach of trust, forgery and cheating and the punishment could be up to 10 years imprisonment and fine.
The trial in the case, touted to be the biggest corporate fraud in the country, completed in June this year and judgement is awaited.
During the trial, the court examined 216 witnesses and 3,038 documents produced by the Central Bureau of Investigation (CBI), which alleged that the scam had resulted in a loss of Rs 14,000 crore to Satyam shareholders. The scandal came to light on January 7, 2009, when Ramalinga Raju confessed to a massive accounting fraud in a letter addressed to the company’s board members. Satyam was subsequently taken over by Tech Mahindra.
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Meanwhile, the CBI probed the case and filed three charge sheets.
The charges ranged from criminal conspiracy to breach of trust, forgery and cheating and the punishment could be up to 10 years imprisonment and fine.