11 May 2015

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After Salman Now Satyam's Ramalinga Raju gets bail

After Salman Now Satyam's Ramalinga Raju gets bail

Satyam Accounting Fraud
After  six years of trial Satyam chief B Ramalinga Raju and nine others were found guilty by a special court on charges of criminal conspiracy and cheating in the Rs 7,000 crore (Rs 70 billion) scam.

The court sentenced Raju to seven years of imprisonment, television channels reported. He was also asked to pay a fine of Rs 5 crore (Rs 50 million).

The special Central Bureau of Investigation (CBI) court had slapped a fine of Rs 5 crore on Raju and his brother and Satyam's former Managing Director B Rama Raju, who will also serve a seven-year jail term.

The other eight convicts were also been sent to seven years in jail and slapped a fine of Rs 25 lakh each. 

Below is the list of all 10 convicts who got bail
1-Ramalinga Raju, the founder-chairman of the company,
2-his brother B Rama Raju,
3-former chief financial officer Vadlamani Srinivas,
4-former PwC auditorSubramani Gopalakrishnan
5-former PwC auditor T Srinivas,
6-Raju's another brother B Suryanarayana
7-former employees G Ramakrishna,
8-D Venkatpathi Raju
9-Ch Srisailam
10-Satyam's former internal chief auditor VS Prabhakar Gupta

Raju, and nine other convicts, currently lodged in Cherlapally Central Prison, had filed the appeals and applications in the MSJ court challenging their conviction, besides sentences and fines imposed by the Additional Chief Metropolitan Magistrate Court (ACMM) in the over Rs 7,000 crore scandal that came to light in 2009

The court heard an application filed by Satyam Computers founder B Ramalinga Raju and nine others, seeking suspension of their sentence and fines imposed on them in the multi-crore rupee accounting fraud.

After hearing All 10 convicts in the Satyam case including B Ramalinga Raju, granted bail by the MSJ court in Hyderabad.

Ramalinga and his brother have been ordered to pay Rs 1 lakh in personal bond, and the other 8 accused will have to pay Rs 50,000 in personal bond.

All accused will have to pay 10 per cent of their fine amount within four weeks which was imposed on them by the trial court while sentencing them. 

Now when final result will come after 1 year or 2 year or 50 year or 100 years.

India needs to change laws and procedures not the collegium system of judges appointments

Reality views by sm

Monday 11 may 2015

Tags – Satyam  Ramalinga Raju Bail


Destination Infinity May 11, 2015  

Looks like this is the season of freedom for many!

Destination Infinity

rudraprayaga May 12, 2015  

Let all the rich and powerful triumph over the poor and suffering mass.

Renu May 13, 2015  

And in most of cases even penalty is reduced or waived..

Usha May 13, 2015  

What a sad news to read...all 10 convicts got bail...bail amount is a joke..For 7000 Crore fraud one pays only 1 lakh bond money and that too can be deposited in installments? unbelievable.

Sandhya May 14, 2015  

When they are charged with corruption for thousands of rupees, the bail money is pittance and even that is waived in most of the important cases now....we, ordinary tax payers are fools.