Rs 8,000 cr fraud hits Satyam; Raju may get 7-yr jail

Agencies Tags : corporate india, satyam computer, fraud, chairman b ramalinga raju, resigns, BSE, NSE, removal, jail term, nyse backlash, investor losses Posted: Wednesday, Jan 07, 2009 at 1841 hrs

Satyam may be removed from the Sensex and Nifty following the revelation of multi crore scam.

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Another senior advocate and corporate law practitioner U K Chaudhary said the Satyam chief could be imprisoned for seven years under various provisions of company law. "Under section 628 of the Companies Act, which deals with misrepresentation of accounts, he could be punished for a maximum of 2 years along with penalty. However, the punishment term could be extended to seven years for producing false affidavits and other documents," he said.

In addition to Raju, Titus said "action should also be taken against Chief Financial Officers, Finance Managers, and Legal and Tax Advisors for their complicity in this episode".

Suggesting that the CBI should get into the case, he said if appropriate action is not taken, the Satyam fiasco would "make a mockery of the Indian enforcement mechanism".

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Y S R embezzled $ 4 congressBy: duke | 27-Mar-2009 Reply | Forward I agree raju is not innocent .but he is the front man for Y S R and CONGRESS GOV ALL THE MONEY IS SIPHNOED OFF TO THE COFFER OF CONGRESS ELECTION COMITEE . I THINK THE PEOPLE OF AP SHOULD LOOK AT THE BIGGER PICTURE , AP IS THE ONLY STATE CONGRESS HAS TOTAL GRIP ,THIS IS ONLY STATE THEY HAVE THE LIBETY TO STEAL,EMBZZELE FOR THE SAKE OF THERE BELOVED LEADER SONIA AND HER STOOGE DEVIL Y S R WHO HAS RUINED APs progress.IF THEY INVESTIGATE AND FOLLOW THE MONEY TRAIL . IT WILL DEFINITELY LEAD TO STOOGE YSR AND CONGRESS GOV.THE SAME GOV IS ABLE TO TRACK DOWN MONEY WHICH WAS USED FOR MUMBAI BOMB BLASTS ,BUT THEY ARE NOT ABLE TRACK SATYAM.I TOTALLY AGREE WITH MANOJ SATYAM WILL BOUNCE BACK .I CAN BET YOU RAJU IS A VICTIM. THE ANSWER IS Y S R AND CONGRESS HAVE TO BE DEFEATED AND BURIED IN THIS ELECTION, OTHERWISE AP WILL BE LEFT BEHIND FOR GOOD JAI HIND

satyamBy: aaa | 21-Jun-2009 Reply | Forward even though satyam company makes huge fraud, u the people who encourage and want to be a family of satyam company.wat an idiot u r .....may be u not an investor in that one.u too will face the problem........

thoughtsBy: manoj pofale | 26-Feb-2009 Reply | Forward i belive that satyam corp. will definetly comes out from this consiquences, this is the hard time for orgnisation. but every one should combine to become together,and fight hard , so that to achive the gloden period , i m steel in shock , but no mater ,i come out from this , so the company ,company family, all the staaf , employe , all the share holder ,just have a faith on satyam I m student of mba IT (GRAPHIC REA UNIVERSITY DEHRADUN) STILL HAVE FAITH on satyam , i just want to say that "behind the every dark cloud their is a siliver shining.in future i want to be part of satyam family, all the best

SATYAM WILL AT THE TOP IN NEXT FUTURE.By: HEM RAJ THAKUR | 08-Feb-2009 Reply | Forward it will also control another corporations to do so. Its current situation effect company' repotation but after some time it will catch its previous position. It have talented employees, and goodwill also. And people have faith on its new board of directors and newly elected CEO Mr. A.S.Murthy. And government also help company to save employees.wait sometime and see the working of company.

Rajus Spinning Mill FraudBy: Maya | 19-Jan-2009 Reply | Forward Fraud is not new to Raju. (Vanne tho pettina vidya)Infact, he started this in 1980's. He purchased cotton for his spinning mill from guntur cotton parties on credit and no payments were made till now and locked out the mill and started satyam computer services in mid 80s with 7 computers and never look back.Still these cases are pending in guntur jurdiction.I hope now god is happy.

Satyam FraudBy: rajiv | 14-Jan-2009 Reply | Forward Mumbai/Hyderabad In the country's biggest corporate fraud involving about Rs 8,000 crore, iconic IT company Satyam was hurtling towards disaster following the shocking disclosure of accounts fudging by its founder Ramalinga Raju, who then quit as chairman - leaving an uncertain future for the company and its 53,000 employees. By the end of the day, the fourth largest IT company lost a staggering Rs 10,000 crore in market capitalisation as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 at BSE. The NYSE-listed firm could also face regulator action in the US. The government, regulator SEBI and the industry reacted with shock and anguish over the turn of events that could tarnish India's corporate and raise vital issue like ethics, corporate governance and accounting and business practices. Acting in tandem, Corporate Affairs Ministry and SEBI announced that the episode would be probed and action taken against the perpetrators of

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