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Satyam fiasco: Raju is in Hyderabad

Rajesh S Kurup in Mumbai | January 09, 2009 02:41 IST

The hearing of the forgery case filed by British mobile solution firm Upaid against Satyam Computer Services [Get Quote] is not scheduled for hearing during this week. This means no Satyam official -- neither B Ramalinga Raju who stepped down as its chairman after admitting to a financial fraud nor any other top executive -- is in the US for the case.

Coverage: The Satyam fiasco

When contacted, a Satyam spokesperson confirmed the development and added that Raju was 'very much' in Hyderabad. Earlier, there were reports that Raju may have left for the US for Upaid case hearing.

Upaid had filed a petition in the US Federal Court claiming fraud, forgery and breach of contract that had resulted in the company suffering damages of more than $1 billion.

The Federal Court of Texas, which is hearing the case, had asked for certain "information".

Satyam had provided the information during the weekend, sources close to the development told Business Standard.

However, they did not divulge the details of the "clarification" sought by the Texas court. The jury is yet to announce a date for the hearing and the court will fix a date for hearing after studying the details of the case, they added.

Upaid had filed a petition in Texas seeking details of the $1.6 billion acquisition of two Maytas firms and had sought testimony from Ramalinga Raju, Chief Financial Officer Srinvas Vadlamani and Head of Corporate Governance Jayraman.

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