Satyam case: ramalinga raju, nine others released from prison business | wednesday may 13, 2015 the metropolitan sessions court, on may 11, suspended seven-year rigorous imprisonment awarded to raju and others in the satyam case, known as one of the biggest corporate frauds in india. Satyam case: timeline in a first of a kind incident in india, satyam, one of india's it industry's pioneer story came into unwanted limelight when its chairman and founding member ramalinga raju resigned and confessed that he has manipulated accounts by $ 147 billion.
The move by market regulator is a fallout of the co's alleged role in the satyam case, the country's biggest corporate accounting scandal.
Satyam was the 2008 winner of the coveted golden peacock award for corporate governance under risk management and compliance issues, which was stripped from them in the aftermath of the scandal the new york stock exchange has halted trading in satyam stock as of 7 january 2009. The case led to startling revelations that showed many loopholes in corporate india's company laws and its monitoring mechanism here's the timeline: 1987: ramalinga raju establishes satyam computer services ltd 1991: satyam gets listed on the bombay stock exchange, ipo oversubscriber 17 times 2006: revenues cross '$1 billion' raju becomes nasscom chairman. The multi-crore satyam computers corporate scam was a jolt to the market, especially to satyam stock-holders a look at all the aspects of one of the biggest corporate frauds that raised eyebrows and highlighted the need for better government regulations among corporates.
Case of securities offences such as insider trading or market manipulation, but this area is riddled with controversies in the end, it might be necessary for sebi to establish clearer guidelines on determining sanctions so that the outcome experienced in the satyam case can be avoided in the future. From enron, worldcom and satyam,it appears that corporate accounting fraud is a major problem that is increasing both in its frequency and severity research evidence has shown that growing number of frauds have undermined the integrity of financial reports, contributed to substantial economic.
A special cbi court on thursday sentenced b ramalinga raju, his two brothers and seven others to seven years in prison in the satyam fraud case ht presents a lowdown of the country's biggest-ever corporate accounting scandal. Srini raju had left satyam computer in august 2000, nine years before the country’s largest accounting fraud surfaced at the software outsourcer in january 2009 nearly 15 years after he left satyam, the market regulator in september 2015 held him guilty of insider trading and ‘unlawful gains. Nearly 15 years after he left satyam, the market regulator in september 2015 held him guilty of insider trading and ‘unlawful gains’ teja raju and junior rama raju, two sons of satyam computer’s founder b ramalinga raju, have also received relief from the supreme court on monday the court has exonerated both of them in the ‘unlawful gains’ charges.
A special cbi court on thursday sentenced b ramalinga raju, his two brothers and seven others to seven years in prison in the satyam fraud case the court also imposed a fine of rs 5 crore on ramalinga raju, the satyam computer services ltd's founder and former chairman, and his brother b rama raju and rs 20-25 lakh each on the remaining accused.