Special court to hear Satyam case on 20 January
A special court here today posted to January 20, the hearing of two complaints filed by market regulator SEBI against Satyam Computers founder and former chairman B Ramalinga Raju and others.
A special court here today posted to 20 January, the hearing of two complaints filed by market regulator SEBI against Satyam Computers founder and former chairman B Ramalinga Raju and others.
Raju and others appeared before the court of Special Judge for Economic Offences with regard to two criminal complaints filed by Securities and Exchange Board of India (SEBI) in connection with the accounting fraud in the erstwhile Satyam Computer Services Limited (SCSL).
The court posted the matter to 20 January, 2015.
Raju, the prime accused in Satyam scam, and others, who had on November 13 appeared before the court after summons were issued against them in connection with SEBI's complaints, were directed to furnish personal bond of Rs 20,000 each and sureties of the like amount which they had done.
Nearly six years after the multi-crore scam in Satyam jolted corporate India, a special court trying the case (probed by the CBI) is likely to pronounce its verdict tomorrow in the case.
The complaints were filed against Raju and others for violation of SEBI Act, including violation of PFUTP (Prevention of Fraudulent and Unfair Trade Practices) norms and insider trading regulations, which are punishable under section 24 of the SEBI Act and carry a maximum punishment of 10 years.
According to SEBI, one complaint deals with alleged unfair trade practices adopted by Raju and the second one pertains to "violations" of the Insider Trading Regulations committed by Raju and his kin.
The first complaint has eight people as accused and the other has 14 people and entities as accused.
Raju, his brother and Satyam's former MD B Rama Raju, its former chief financial officer Vadlamani Srinivas and former director Ram Mynampati were given six months' jail term along with fine on December 8, by the Special Court for Economic Offences in connection with complaints filed by Serious Fraud Investigation Office (SFIO).
The court order was subsequently suspended to enable the accused to file appeals.
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