Satyam Computer chairman B Ramalinga Raju can face seven years' imprisonment in addition to monetary penalties for forging accounts, breach of trust and misappropriating funds.
A court allowed the Serious Fraud Investigation Office (SFIO), a central government body, to question Satyam Computer Services founder B Ramalinga Raju, former managing director B Rama Raju, former chief financial officer Srinivas Vadlamani and two Price Waterhouse auditors, S Gopalakrishnan and Srinivas Talluri, for six days from March 29.
A local court on Friday extended the judicial remand of Satyam Computer founder B Ramalinga Raju, his brother Rama Raju, former CFO of the IT firm V Srinivas and two former auditors of PricewaterhouseCoopers by 14 days.
Dismissing the bail petitions of Raju brothers and V Srinivas, a local court in Hyderabad granted permission to the I-T department to examine and record the statement of B Ramaling Raju in the Rs 7,800 crore (Rs 78 billion) Satyam fraud case.
Celebrations had already begun at BJP headquarters before the full announcement of results.
India will send 117 athletes to the Paris Olympics, starting July 26 in the French capital. This will be India's second-biggest contingent at an Olympic Games after 121 athletes went to Tokyo in 2021. A total of 47 female and 70 male athletes will be part of the Indian contingent at the Games.
Earlier, the Sebi had interrogated and recorded the statement of Raju and his brother and Rama Raju for three days from February 4 in Chanchalguda Jail. In a petition filed in the court of 6th Additional Chief Metropolitan Magistrate, the I-T department sought three days time to examine and record the statement of Raju.
Closing five-and-a-half year long probe into the country's biggest corporate fraud, Sebi on Tuesday barred erstwhile Satyam Computer's founder B Ramalinga Raju and four others from markets for 14 years and asked them to return Rs 1,849 crore (Rs 18.49 billion) worth of unlawful gains with interest.
A round-up of the Ranji Trophy matches played on Saturday.
CBI director Ashwani Kumar said the Satyam fraud was unique, as it was the founder, and not an outsider, who is the accused. According to sources, the fraud involves an amount that is much bigger than the Rs 7,800 crore (Rs 78 billion) estimated originally. It could be close to Rs 10,000 crore (Rs 100 billion) based on over 7,000 fake invoices and forged documents retrieved by the agency.
The court had earlier asked Raju's lawyers to file an affidavit on whether the Satyam founder can be examined through a questionnaire.
The 56-year-old Raju admitted to fraud in January 2009 in the IT major.
Out of the sitting MPs with serious criminal cases against them, nine face murder cases. The analysis revealed that five of these MPs belong to the BJP.
According to sources, the family has pledged majority of its shareholding and real estate assets to various institutions. Two institutions, Maharashtra government's financial arm, Sicom, and IFCI, confirmed that Maytas promoters had pledged shares around a year ago to raise resources. IL&FS too has similar exposure to Maytas, said sources. However, this could not be confirmed.
The Indian National Developmental Inclusive Alliance (INDIA) gave a huge blow to the ruling Bharatiya Janata Party-led National Democratic Alliance by winning 43 seats out of total 80 Lok Sabha seats of Uttar Pradesh, as per the Election Commission.
The high court directed the state government to "immediately implement" its Tuesday's judgement to transfer a case on the attack on Enforcement Directorate (ED) officials at Sandeshkhali to the CBI and hand over custody of the main accused Sheikh to the central agency.
It's not a failure, but purposeful cheating. Thereby, it is a criminal breach of trust, which can attract punishment under the Indian Penal Code (IPC).
Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of $2.7 billion.
A regular visitor to the the Small Industries Service Institute's library in Vijayawada, where he was brought up, Raju browsed through various books and business journals and zeroed in on an idea that required more thought-processing and innovation and less investments.
After being a part of the Telugu hit, Sita Ramam, Mrunal Thakur signs another.
A team of CBI officials reached CID headquarters Bhawani Bhawan in Kolkata before 4 pm. But the handover from the state agency took place at around 6:48 pm, despite the Calcutta high court setting a deadline of 4.15 pm.
Raju Srivastav says, "I have been approached by Uttar Pradesh Congress Committee President Rita Bahuguna to contest from Allahabad-Phulpur and she has also briefed me about the demography of the constituency." "I was shocked when I first heard about the offer. I thought it was another joke, better than the ones I crack. But I was told that it was a serious offer and I should consider it seriously," the 45-year-old stand-up comedian told PTI in Mumbai on Sunday.
The Hindi dubbed (badly) version of the Tamil hit Aranmanai is out, and it turns out to be lengthy, noisy and mostly tedious, observes Deepa Gahlot.
Breaking his silence on the embarrassing developments over the last two weeks, Raju said in an open letter to employees that 'please be assured that the Board and the leadership team are doing everything that's possible to get Satyam back on track'.
The CBI charges in the accounting fraud pertain to conspiracy, cheating, forgery, falsification of records and causing disappearance of evidence. There is no charge of misappropriation of funds. Of the Rs 715 crore made, Ramalinga Raju got Rs 27.91 crore and his brother and Satyam's former managing director, B Rama Raju, got Rs 26.68 crore, in the form of gifts from family, said the CBI. Besides, the Satyam founder 'offloaded the shares and received Rs 26,67,97,198.'
The bench said most of the allegations in the corruption case registered by the CBI against Sisodia were "hearsay", based on the statements made by approvers and would not pass scrutiny before the trial court without any concrete material.
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders. Reddy is the promoter-cum-chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer. Besides, the regulator also banned Reddy from the securities market until further orders.
In an open defiance, Union Minister M M Pallam Raju on Wednesday questioned the government's hurry to push the Telangana bill and said Prime Minister Manmohan Singh's disapproval of disruptions in Parliament was not "fair".
Satyam founder Ramalinga Raju was honest at least about his dishonest dealings, with CBI finding that balance sheets were inflated by Rs 5,020 crore (Rs 50.20 billion) almost the same amount disclosed by the former IT posterboy.
All Indian athletes who've qualified for the paralympic games
The Nagarjuna group incorporated NFL as an NBFI and accepted fixed deposits with a minimum amount of Rs 5,000 for periods of 12, 24, 36 and 54 months by promising an interest rate of 14, 14.25, 15.5 and 18.5 per cent respectively. It collected deposits of Rs 98.3 crore from 85,160 depositors for the year 1997-98. Deposits of 16,122 depositors amounting to Rs 23.02 crore matured on December 31, 1999. But the company defaulted on repayment of the matured deposits.
Overall this is the eighth charge sheet filed by the ED in this case in which it has arrested 18 people so far. Last week, a similar complaint was filed by the agency against BRS leader and former Telangana chief minister Chandrashekar Rao's daughter K Kavitha and four others.
Despite its success, EMRI is as much under a cloud today as its founder Ramalinga Raju, with a public interest litigation in the Supreme Court questioning the way he got 12 state governments to implement it and reimburse 95 per cent of its expenses. The key issue is that the states entrusted Rs 18 billion annually (if 10,000 vans are to run in all the states by next year) to a private company without going through a transparent selection procedure.
Raju need not fear ostracism once he's out - society will embrace him. Size is a national obsession. Indians have stashed away more than anyone else -- a noble $1,456 billion -- in Swiss banks. We thrive on superlatives. Even Jawaharlal Nehru rejoiced in the Suratgarh farm being "the biggest farm in Asia".
The Fourteenth Additional Chief Metropolitan Magistrate has granted permission to the Enforcement Directorate, a central government wing, to record the statements of the accused in the Satyam scam from June 9 to 16.
The Supreme Court on Monday sought response of former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar on a plea of the CBI challenging the interim bail granted to them by the Bombay high court in a loan fraud case. A bench of Justices Aniruddha Bose and Bela M Trivedi issued notice on the plea of the CBI and sought the response of the couple in three weeks.
"Why are our jails overcrowded? Why is the the policy of remission being applied selectively?"
A bench of Justices BR Gavai and Sandeep Mehta, which had allowed anticipatory bail to Surat resident Tusharbhai Rajnikantbhai Shah in a cheating case, got irked when it was informed that the businessman was remanded in police custody.
After making Ramalinga Raju and the iconic IT firm he founded the butt of jokes, a bunch of trigger-happy IT whiz-kids have created a game 'Nail The Thief' where players are asked to hit the tainted Satyam founder with rotten eggs and win an iPod! Within days of its launch, the game has already been played more than 100,000 times, with a few playing it over and over again, as per the information on the website of the game.
