09 December 2014

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Satyam Rs. 14000 Crore Scam B Raju gets only Six Months Jail Punishment

Satyam Rs. 14000 Crore Scam B Raju gets only Six Months Jail Punishment

Satyam Computer accounting scandal aka Satyam Scam happened Six years ago
Scam Amount – Rs. 14000 Crore

An economic offences court gave the judgement in one of the cases related to Satyam Scam
The Court sentenced the then company chairman B. Ramalinga Raju, his brother and managing director B. Rama Raju and two others to six months’ imprisonment in the cases filed by the Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs under the Companies Act.

Raju and some of the directors were sentenced to six months' imprisonment and each of them were fined an amount ranging from Rs 10,000 to Rs 10 lakh, while in other complaints only fines were imposed.

The court directed one of the former directors, Krishna G Palepu, to pay fine of Rs 2.66 crore, the highest fine

Former Satyam directors including Krishna G Palepu, Manglam Srinivas, Vinod K Dham, former cabinet secretary T R Prasad, ex-director of IIT Prof V S Raju and former dean of ISB Prof Ram Mohan Rao were fined Rs 20,000 each.

The court struck down one case and restricted the sentence to mere fine in two others. In the remaining four cases, imprisonment was awarded

Raju is currently out on bail. Monday's court order was suspended to enable the accused file appeals.

Special prosecutor C Raghu told to media that Out of the seven complaints, the accused including Raju and some others were convicted in six complaints with jail terms and fines while in one complaint where the offence is punishable with fine, they were granted acquittal. The sentences will run concurrently,"

CBI court is likely to pronounce its verdict on December 23 in the case related to accounting fraud at Satyam.

The CBI put the loss to the shareholders at Rs.14,000 crore.

The CBI also charged Raju of gaining Rs.2,500 crore by selling his family shares in Satyam.

Raju, who was released on bail, later retracted his confession and contended that all the charges against him were false.

Meaning of Concurrently –

When a criminal accused is convicted of two or more crimes, a judge sentences him/her to a certain period of time for each crime.
Then judge will rule that the sentences may all be served at the same time, with the longest period controlling.

Reality views by sm –

Tuesday, December 09, 2014

Tags – Satyam Scam Raju Punishment