The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Raju, the prime accused in the accounting scam in the IT firm, made his fifth appearance in the XXI Additional Chief Metropolitan Magistrate court, after he got bail from the Andhra Pradesh high court.
A local court in Hyderabad on Thursday put the hearing of arguments on framing of charges against former Chairman of Satyam Computers B Ramalinga Raju and nine other accused in the multi-crore accounting scam in the IT firm to August 24.
The Serious Fraud Investigation Office (SFIO), the investigation arm of the Union corporate affairs ministry, has begun prosecution proceedings against the alleged perpetrators of the country's largest accounting fraud that took place in Satyam Computers last year.
Two years after the scam broke, Satyam is almost back on track. Here is the story of the impressive turnaround.
Real turnaround started from November 2010, when Mahindra Satyam announced its financial numbers for the first time after the scandal.
Three years after B Ramalinga Raju, the disgraced founder and chairman of Satyam Computer, announced the project, Mahindra Satyam dropped the project and surrendered the 26 acre-land to the state government.
The Securities and Exchange Board of India (Sebi) has allowed Price Waterhouse to cross-examine some of the entities involved in the Satyam scam. The capital market regulator has, however, refused permission to cross-examine the erstwhile top brass of Satyam, including Ramalinga Raju (former chairman) and Vadlamani Srinivas (former senior vice-president & CFO).
Nine months have passed since the country's largest financial scandal hit Satyam Computers, after its promoter Ramalinga Raju confessed to a fraud that its auditors had failed to detect.
The Supreme Court ruling rejecting the legality of narcoanalysis, brain mapping and polygraph tests if they are done without the consent of suspects, could bring reprieve for Satyam Computer Services founder B Ramalinga Raju and two of his associates.
In response to the petition, the XIV Additional Chief Metropolitan Magistrate court in Hyderabad directed the authorities of Chanchalguda jail, where former Satyam Computer Chairman Raju and the other five accused are being held, to give their views.
Second-quarter net profit plunges to Rs 23 crore (Rs 230 million) from Rs 98 crore (Rs 980 million) in first quarter.
Hearing the Central Bureau of Investigation plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak Verma on Tuesday cancelled the bails and asked all six persons to surrender by November 8.
The accused has been lodged in Chanchalguda central jail.
The apex court, however, agreed to give an early hearing to their pleas and issued notice to CBI for November 3, after the Diwali break.
The government's ambitious highway projects under the public-private partnership mode are in serious trouble. Construction companies have either not put in bids or have withdrawn from 20 such projects, which fall under the build, operate and transfer scheme.
By all accounts, Satyam (now known as Mahindra Satyam) is out of the woods. Losses have been cut. The hole caused by Ramalinga Raju's misdemeanours has been plugged.
The court also decided to hear the bail pleas of four of the accused.
B Ramalinga Raju, the founder of Satyam computers and main accused in the Satyam accounting fraud case, appeared before a local court for the second time on Thursday after being granted bail by the Andhra Pradesh High Court.
Maytas had moved the court challenging termination of its contract by Utility Energytech and Engineers last month. Maytas had also sought a temporary stay to the termination, but Justice Anup Mohta of Bombay High Court last week refused to pass any interim order.
The case relating to hearing of framing of charges was pending in the XIV additional chief metropolitan magistrate as defence counsels had urged the court to hand over the documents relating to supplementary charge-sheet after its physical verification with original documents.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
Corporate Affairs Minister Salman Khurshid on Friday said that he is not surprised that B Ramalinga Raju has retracted his infamous January, 2009, confession of perpetrating accounting fraud at Satyam.
A local court on Friday adjourned the case of examination of former Chairman of Satyam Computers B Ramalinga Raju through a questionnaire and nine other accused in the multi-crore accounting fraud in the IT firm to July 26.
It directed the Chanchalguda jail authorities to produce him before the court on December 30. The court had earlier issued summons to Raju, former managing director B Rama Raju and former chief financial officer Srinivas Vadlamani for examination on Thursday.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
Former chairman of Satyam Computer Services B Ramalinga Raju, the prime accused in multi-crore accounting fraud in the IT firm, on Monday gave consent for his examination on the charges against him through a questionnaire.
A local court reserved its orders for Saturday on a petition seeking continuation of in-patient treatment for former Satyam Computers chairman B Ramalinga Raju after a senior doctor informed the court that Raju requires at least 2 months treatment for hepatic ailment.
In the three months since the scam, Satyam's employee strength has reduced from 53,000 to 50,000, said a senior ministry of corporate affairs official. "Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent," he said. He did not disclose his idea of the revenue and net profit, saying it would interfere with the ongoing process for selling a strategic stake in Satyam.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business in Hyderabad, to Visakhapatnam and even the United States, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
The court had earlier ordered initiation of proceedings against 11 former directors of Satyam Computers after splitting up the multi-crore accounting scam case
The 200-page supplementary cited 1,549 additional documents, 301 more witnesses and nine material objects. The CBI filed the first chargesheet on April 7.
As per the chargesheet, "the accused forged board resolutions and unauthorisedly obtained loans to the tune of Rs 1,220 crore (Rs 12.20 billion) for Satyam Computer.
The CBI, which has already filed its chargesheet, is preparing to file a supplementary chargesheet. It has time till the end of this month for this.
A local court on Tuesday directed the NIMS hospital in Hyderabad to file a fresh report regarding the health condition of former chairman of Satyam Computers B Ramalinga Raju, before it by July 1, even as CBI filed a memo seeking second opinion report through independent committee of doctors.
The Company Law Board (CLB) on Thursday allowed infrastructure finance company IL&FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju.
B Ramalinga Raju, the prime accused in Satyam Computers multi-crore scam, needs continous medical attention, a special court trying Satyam scandal cases was told on Monday.
Top officials of the Central Bureau of Investigation are in Mauritius as part of the investigation into the multi-crore Satyam scam, which its founder B Ramalinga Raju confessed to in January.
Infrastructure Leasing and Finance Company is poised to acquire management control of the troubled infrastructure company Maytas Infrastructure owned by family members of Ramalinga Raju, former chairman and managing director of Satyam Computers, who confessed to financial fraud on January 7. The leading non-banking finance company is emerging as a government preference given its prominent role in infrastructure finance in the country.
A United States firm has moved the Indian Supreme Court for permission to use the confessional statement of its scam-tainted joint venture partner Satyam's founder Ramalinga Raju in its shareholding dispute.
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