Sathyam judgment on June 26th

The final hearing and judgment for the Satyam Computer Services Ltd fraud case will be delivered in June 26th, 2014. The Special judge B V L N Chakravarti of XXI court of Additional Chief Metropolitan Magistrate (ACMM) said the date for pronouncement of verdict will be given on June 26. B Ramalinga Raju, the prime accused, and nine others accused in the case were present in the court when this was announced.

The scam which came to light in the year 2009 after Mr B Ramalinga Raju confessed to manipulating the company account books. The CBI was called in for investigation and later Ramalinga Raju and his aides were charged with offences including cheating, criminal conspiracy, forgery and breach of trust. The estimated loss to the Satyam Shareholders was said to be around Rs 14,000 crore and it took over  nearly 5 years for the trial to conclude in the lower courts. Mr Raju also served a jail term for a brief period before he was out on parole. Sathyam Computers was eventually bought over by Tech Mahindra and a large size resizing of the company took place  in 2010.