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. Satyam Systems, a global IT company based in India, has just been added to a notorious list of companies involved in fraudulent financial. The Satyam scandal was a Rs 7,crore corporate scandal in which chairman Ramalinga Raju confessed that the company's accounts had.


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There shall be a reasoning to questions such as "What was the need to commit a fraud on such a large scale? satyam scandal


But Raju's story is not merely about his rapacious land acquisition, it is also about how he masterminded in siphoning funds off funds from his IT company Satyam and Construction company Maytas Infra by creating a fictitious revenue and profits to satiate his lust.

Raju, a Havard Graduate, had a very impressing disposition, a pleasing temparament and a respectable character in his circle and everybody had the utmost faith in him.

The directors of the Board never questioned him satyam scandal his operations as they were of the view that satyam scandal could be trusted with everything.


But funnily, even Raju, in his wildest of dreams, did not foresee that he could not possibly go undetected forever for cooking up his balance sheets to the tune of thousands of crores.

The saga of Satyam scandal also exposes how vital the satyam scandal of politics is with business.

Price Waterhouse gets 2-year ban in Satyam scam: 10 major points from page Sebi order

Ramalinga Raju could not have become what he did without the aid of Chandrababu Naidu and of Naidu's successor, the late Rajashekara Reddy, whose government satyam scandal him with the massive metro rail project in Hyderabad.

But raju would have been a big IT industry man and nothing more if fate had not intervened satyam scandal the form of Chandrababu Naidu.

Determined to make his name as India's most modern Chief Minister, Naidu wanted to showcase Hyderabad satyam scandal a shining symbol of an emerging India that could dare to take on the developed world. It is about corporate governance and fraudulent auditing practices allegedly in connivance with auditors and chartered accountants.

Satyam scandal - Wikipedia

The satyam scandal misrepresented its accounts both to its board, stock exchanges, regulators, investors and all other stakeholders. Ramalinga Raju; his brother and Satyam's former managing dDirector B.

The timeline of the scam January 7, Ramalinga Raju dropped a letter-bomb on unsuspecting investors, employees and the government confessing to a Rs. History[ edit ] Initial confession and charges[ satyam scandal ] On 7 Januarythe chairman of Satyam, Byrraju Ramalinga Rajuresigned, confessing that he had manipulated the accounts of Rs 14, crore in several forms.

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The global corporate community satyam scandal said to be shocked and scandalised. The order says the auditors did not independently check the veracity of the monthly bank statements and fixed deposit receipts FDRs satyam scandal relied upon them for their certification process.

The network structure of operations adopted by the international accounting firm should not be used as a shield to avoid legal implications arising out of the certifications issued under the brand name of the network, the Sebi order said.

Raju had said in an interview that Satyam, the then fourth-largest IT company, had a cash balance of Rs 4, crore and could leverage it further satyam scandal raise another Rs 15, crore.

Ramalinga Raju was convicted with 10 other satyam scandal on 9 April