The final verdict in Satyam case has been out.Special court in Hyderabad found all the ten accused in the Satyam scam guilty of cheating, forgery, destruction of evidence and criminal breach of trust.The court pronounced a seven year-jail term for the founder Ramalinga Raju and also imposed a Rs 5 crore fine on Raju.CBI court sentenced B Ramalinga Raju, his two brothers and seven others to seven years in prison in the multi-crore-rupee Satyam case.
Along with Ramalinga Raju, nine others – B.Rama Raju, Srinivas Vadlamani (former Chief Financial officer), S.Gopalakrishnan and Taluri Srinivas (partners Price Waterhouse), B.Suryanarayana Raju, Prabhakar Gupta (internal auditor), G.Ramakrishna (Head, Finance), D.Laxmipathy and Venkatpathi Raju were found guilty in the scam under sections 120 B read with Section 420.
Ramalinga Raju and his brother Rama Raju, former managing director, have been penalised Rs.5.5 crore each, while the eight other accused were asked to pay a penalty of Rs.50 lakh each.The decision came more than six years after the scam first came to light.
The Satyam Computer Services scandal occurred in 2009 where chairman Ramalinga Raju confessed that the company’s accounts had been falsified.The Global corporate community was shocked and scandalised when the chairman of Satyam, Ramalinga Raju resigned on 7 January 2009 and confessed that he had manipulated the accounts by US$1.47-Billion.After the scam, Tech Mahindra took over Satyam Computers in a government sponsored auction.Mahindra Satyam later merged with Tech Mahindra.
