Satyam case: Date of verdict to be announced on June 28

Hyderabad: The decision on the verdict date in the Satyam fraud case has been adjourned till Saturday by the Nampally Special Court. It is evident that the final hearing of the Satyam Computer Services Limited case was held on Monday. The trial also came to an end and the special court set up to try the case fixed June 26 for pronouncement of the verdict date. The Special Judge of Additional Chief Metropolitan Magistrate, Nampally, on Thursday has procrastinated till Saturday i.e. June 28.

It is worth recollecting that the scam came to light in 2009, after then chairman, B. Ramalinga Raju, confessed to manipulating his company’s account books and inflating profits over many years. Raju and his brother had been arrested by the erstwhile Andhra Pradesh Crime Investigation Department. The case was later taken up by the Central Bureau of Investigation.

Many others including Ramalinga Raju were charged with offences including cheating, criminal conspiracy, forgery and breach of trust under relevant sections of the Indian Penal Code. Nevertheless, Raju later pulled backed his confession statement and contended that all charges levied by the CBI were false.

According to the CBI, the accounting fraud in Satyam was perpetrated over a period of 10 years, wherein Raju and the other accused manipulated and fabricated records and projected revenues of the company which never existed. It is reported that the scam caused a loss of Rs 14000cr to Satyam shareholders.