November 16, 2024 15:41 (IST)
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Satyam scam: Hyderabad court grants bail to Raju, others
Hyderabad, May 11 (IBNS) The sentence of Ramalinga Raju, the founder of Satyam who was sentenced to seven years earlier in the biggest financial scandal of India, got a reprieve when a Hyderabad court suspended his sentences and granted them bail. Nine others convicted in the scam also got bail.
The metropolitan sessions court granted him bail on a personal bond of Rs 1 lakh in response to an appeal seeking suspension of the sentence, said reports.
Other accused were asked to furnish Rs 50,000 each as bail bond, reports said.
All of them are presently incarcerated in Hyderabad's Cherlapally Central Prison.
Ramalinga Raju, the founder of Satyam, was sentenced to seven years after a court on April 9 here convicted him in the biggest financial scandal of India.
He was been slapped a Rs 5 crore fine.
Sixty-year-old Raju had spent already about three years in jail earlier in the Satyam Computer Services scandal that had rocked the corporate world in 2009.
Founder-chairman Ramalinga Raju had confessed that the company's accounts had been falsified and that he had manipulated the accounts by US$1.47-Billion.
In February 2009, India's federal investigating agency CBI took over the probe.
In Indian currency it is a nearly Rs 10,000 crore scam. Some put the figure at Rs 14,000 crore.
Raju, his brother B Rama Raju, former company official Vadlamani Srinivas and former director Ram Mynampati were among the prime accused.
The Indian arm of Satyam's statutory auditor PwC was fined $6 million by the SEC (US Securities and Exchange Commission) for not following the code of conduct and auditing standards in the performance of its duties related to the auditing of the accounts of Satyam Computer Services.
In April 2009, a 46% stake in Satyam was purchased by Mahindra & Mahindra owned company Tech Mahindra, as part of its diversification strategy. Effective July 2009, Satyam rebranded its services under the new Mahindra management as "Mahindra Satyam".
The companies were merged legally on 25 June 2013.
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