The special court trying the six-year massive Satyam Computer Services financial fraud will pronounce its judgment on March 9, 2015. The 21st Additional Chief Metropolitan Magistrate, BVLN Chakravarthi, said voluminous documentation required to prepare the judgment would take time. Satyam former Chairman B Ramalinga Raju, his brother Rama Raju (former Managing Director) and former CFO Vadlamani Srinivas and some other accused were present at the Nampally court complex when the judge announced the date for the verdict.
A host of cases have been filed against Satyam, founder and former Chairman of the firm, after he had confessed to have committed the scam on January 7, 2009.
Raju wrote a letter to the Board of Directors and sent a copy to the Bombay Stock Exchange explaining the way he fudged and manipulated the numbers to inflate the numbers in order to be in the company of Top-3 IT firms in the country.
The Government had superseded the Board and appointed a group of experts that included Deepak Parekh and Kiran Karnik to set the house in order. They found a suitor in Tech Mahindra to acquire the company in an open bidding.
The Mahindra stable firm had absorbed the Hyderabad based firm into it, removing the Satyam tag last year. Our Bureau