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ED firm on suing Tech Mahindra in Satyam scam
A two-judge bench of the High court at Hyderabad, comprising acting Chief Justice Ramesh Ranganathan and Justice A. Shanker Narayan, on Wednesday heard inconclusively arguments of the Enforcement Directorate justifying the continued prosecution of Tech Mahindra in the criminal case launched against Satyam Computers and its founder Ramalinga Raju.
A two-judge bench of the High court at Hyderabad, comprising acting Chief Justice Ramesh Ranganathan and Justice A. Shanker Narayan, on Wednesday heard inconclusively arguments of the Enforcement Directorate justifying the continued prosecution of Tech Mahindra in the criminal case launched against Satyam Computers and its founder Ramalinga Raju.
T Niranjan Reddy, senior counsel, appearing for the Enforcement Directorate, pointed out that Satyam Computers was involved in Rs.12,000 crore scam.
Earlier, a single judge had allowed the petition of Tech Mahindra challenging the action of the authorities continuing to prosecute Tech Mahindra “without the name of the company, the case against the other accused cannot be sustained,” the counsel added.
“Because the non-existent figures furnished by the accused gave a rosy picture to the world outside. This was all part of the scam.
Satyam scam was perpetrated through Satyam Computers Company (now rechristened as Tech Mahindra) and hence the name of the company is figuring in the list of the accused in the case filed by Enforcement Directorate (ED) and its case would get weakened if the name of the company itself is deleted from the list just because the company is now renamed,” he said.
The bench is expected to continue hearing the matter on Thursday.
