The magistrate also sent Gopalakrishnam Raju, general manager of SRSR Holdings, to judicial remand till February 7 after the two-day police custody ended on Sunday. The police took him under custody for questioning about the land transactions of the Raju brothers. K Ravinder Reddy, his counsel, said that he would move a bail petition on Monday.
The government has decided to make all former Satyam Computer Services top executives and board members, including the independent directors, answerable for the fraud in the company on grounds that they "attempted to enrich themselves unjustifiably at the cost of the company and its stakeholders".
A Supreme Court ruling that termed narco and polygraph tests on accused persons "illegal and a violation of fundamental rights" if conducted without their consent could turn out to be a boon for B Ramalinga Raju.
Raju, prime accused in the Satyam fraud, who is suffering from Hepatitis-C is currently undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad, and has not been attending court proceedings since September last year citing health reasons initially the heart ailment and later the hepatic ailment.
Bankers of scam-tainted Satyam Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality. India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
The inspection would be conducted as per the provisions of section 209A of the Companies Act, corporate affairs minister Prem Chand Gupta told reporters on Thursday.
However, a bench comprising Chief Justice K G Balakrishnan and Justice Deepak Verma permitted Gopalkrishnan, then working as a partner of the global accounting firm, to renew his bail application over delay by probe agency CBI in filing the third chargesheet. Following it, the court permitted Subramani Gopalkrishnan's to withdraw his bail petition.
He had moved an application in this regard on account of bad health and ongoing family settlement.
The court wants to examine all the accused, including B Ramalinga Raju, in regard to allegations mentioned against them by the CBI in two separate chargesheets before commencing the trial.
Acquiring Maytas Infrastructure could be his chance to show his organisation's ability to think big.
The legal noose has been tightening around the disgraced founder of Satyam Computers, B Ramalinga Raju, for nearly 22 months since he admitted in January last year to fudging the company's accounts to the tune of Rs 7,200 crore (Rs 72 billion).
It made sense to acquire an infrastructure company. Maytas does have same work culture and philosophy and hence the merger will be smooth.
Satyam Computers founder B Ramalinga Raju, main accused in the multi-crore accounting scam, is receiving a stream of visitors in the hospital, an indication that he is medically fit to attend the judicial proceedings
Out of the total dues, Satyam Computer, which has now been re-branded as Mahindra Satyam, alone owes a hefty Rs 532 crore (Rs 5.32 billion) to the Income Tax department
A Hyderabad court on Friday ordered the initiation of proceedings against the former directors of Satyam Computers in a case filed by Serious Fraud Investigation Office (SFIO) after separating the trials against B Ramalinga Raju and Ram Mynampati.
The court also extended the judicial remand of all the 10 accused till March 18.
Raju, the prime accused in the Satyam fraud case, reached the CBI office at around 1000 hours and is likely to be questioned till afternoon, a senior CBI official told PTI.
Mahindra Satyam (formerly Satyam Computer) on Wednesday reported a consolidated loss of Rs 124.60 crore for the year ended March 2010.
Maytas Infra Ltd will again petition the Company Law Board to allow it to induct the Saudi Binladen Group (SBG) as its strategic partner, according to IL&FS and Maytas' chairman, Ravi Parthasarathy.
For the first time since its founder admitted to falsifying the company's accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
The XIV additional chief metropolitan magistrate on Saturday reserved the orders on the plea filed by the CBI, seeking permission to administer lie detection test on Satyam Computer Services Limited founder B Ramalinga Raju, his brother and former managing director and former Chief Financial Officer Srinivas Vadlamani, to July 9.
The probe agency has challenged the high court decision contending that Raju, who was the Chairman of the company, may influence the witnesses majority of whom are his former employees.
Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete. He said the company is determined to complete the project. However, he warned that certain aspects of the initial agreement, including funding, could change.
The Supreme Court bench comprising Justice Deepak Verma and Justice Dalbeer Bhandari issued notices to the five accused on a petition filed by CBI.
Besides, 43 other customers partially or completely withdrew their businesses from Satyam, although they did not terminate their service agreements, Satyam said. The disclosure about customer wins and losses post Raju's resignation and fraud admittance letter have been made for the period till March 26, 2009.
The XIV additional chief metropolitan magistrate extended the judicial remand of all 10 accused of the multi-crore Satyam scam to February 3.
Corporate Affairs Minister Salman Khurshid on Wednesday said that the bail granted to B Ramalinga Raju, the tainted founder of Satyam Computer Services, will not hamper investigations.
Under the CDR package, the company has sought a debt-restructuring of Rs 2,800 crore, including Rs 1,800 crore for Maytas Infra and another Rs 1,000 crore for various special-purpose vehicles. Sources say the investment companies may have diverted the Rs 400 crore to Satyam Computers. "As per the account trail, this loan of Rs 400 crore was finally given to Satyam Computer, routing through these investment arms," sources close to the CDR package said.
The Central Bureau of India on Monday opposed the bail plea of Price Waterhouse auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
Andhra Pradesh High court on Monday reserved orders on the bail petition filed by B Ramalinga Raju, the prime accused in multi-crore Satyam Computers accounting scam.
Satyam founder R Raju challenges fraud case verdict
The CBI has charged Satyam founder B Ramalinga Raju, his brother B Rama Raju and eight others with creating fictitious customers and siphoning off Rs 430 crore (Rs 4.30 billion) from the IT firm.
Satyam founder B Ramalinga Raju, who is now housed in the Chanchalguda central prison, is suffering from cardiac-related health problems.
The Company Law Board on Thursday approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer and asked the buyer to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
The court had earlier asked Raju's lawyers to file an affidavit on whether the Satyam founder can be examined through a questionnaire.
Satyam has been saved. It has a credible owner after an auction in which reputed companies had bid, it has survived the last three months without much loss of business or desertion by staff, it has coped with a severe cash crunch and a national asset can now be re-built into an IT services powerhouse.
Satyam Computer Services Ltd founder, B Ramalinga Raju, his brothers and their spouses have acquired 1,065 properties with a registered value of Rs 350 crore (Rs 3.50 billion). These include 109 properties in coastal Andhra, 11 in Karnataka, 40 in Nagpur, 29 in Chennai and 876 in Hyderabad and the surrounding Rangareddy district, according to sources tracking developments in the Central Bureau of Investigation probe of the Satyam case.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
Besides the Raju brothers, the CBI would be quizzing Satyam's former CFO Vadlamani Srinivas and audit house Price Waterhouse's partners S Gopalakrishnan and Talluri Srinivas in connection with the Rs 7,800 crore (Rs 78-billion)accounting fraud at Satyam Computer.
Because the metropolitan magistrate courts and the additional chief metropolitan magistrate courts are overburdened with cases.
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