1. Satyam Computer scam: Chronology of events

Satyam Computer scam: Chronology of events

Following is the chronology of events in the erstwhile Satyam Computer Services Ltd...

By: | Updated: April 10, 2015 11:16 AM
satyam scam, satyam computer, Satyam Computer Services Limited, satyam computer scam, satyam computer share, business news, satyam computer scam latest news

B Ramalinga Raju, founder and chairman of SCSL, confesses to fudging of accounts to the extent of about Rs 7,000-crore in a letter to the board. (Reuters)

Following is the chronology of events in the erstwhile Satyam Computer Services Ltd (SCSL) multi-crore accounting fraud case, which came to light in 2009.

Jan 7/2009: B Ramalinga Raju, founder and chairman of SCSL, confesses to fudging of accounts to the extent of about Rs 7,000-crore in a letter to the board.

Jan 9: Raju and his brother B Rama Raju (managing director of erstwhile Satyam Computers) were arrested by the Andhra Pradesh police on charges of forgery and cheating; Central Govt supersedes Satyam’s Board.

Jan 10: The Company Law Board (CLB) bars the Satyam board from functioning; govt nominates Deepak Parekh, Kiran Karnik and C Achuthan to the Board.

Jan 13: Govt orders Serious Fraud Investigation Office (SFIO) to probe the scandal.

Feb 2: Mahindra & Mahindra (M&M) expresses interest in acquiring Satyam.

Feb 5: Govt-appointed board names A S Murthy as the new Chief Executive.

Feb 11: The new board meets to select prospective bidders for 51 per cent stake in Satyam.

Feb 17: Satyam case handed over to CBI.

Feb 18: Govt asks Company Law Board to supersede the boards of Maytas Infra and Maytas Properties.

Mar 6: The Securities and Exchange Board of India (SEBI) gives approval to sell 51 per cent in Satyam.

Apr 4: CBI files its first charge sheet.

Apr 13: Tech Mahindra, through its subsidiary Venturebay Consultants, acquires Satyam.

Nov 22: CBI files its second charge sheet.

Jan 7/2010: CBI files the third charge sheet.

Feb 2011-Apr 2012: Mahindra Satyam pays USD 125 million and USD 68 million to settle US law suits and Aberdeen UK claim, respectively.

Oct 25/2011: Trial court frames charges in the case.

Nov 2: Trial begins.

Nov 4: Ramalinga Raju, along with two other accused, gets bail from the Supreme Court as CBI fails to file the charge sheet even after more than 33 months of Raju being arrested.

Jun 25/2013: Mahindra Satyam merged with Tech Mahindra, creating a new entity with revenues of USD 2.7 billion.

Jan 9/2014: Ramalinga Raju’s wife Nandi Raju and sons Teja Raju and Rama Raju were among 21 relatives of the ex-Satyam boss who were convicted by the Economic Offences Court for default in payment of Income Tax.

Dec 8: Ramalinga Raju and others convicted by a Economic Offences Court in connection with complaints filed by SFIO.

Apr 9/2015: Ramalinga Raju and nine others sentenced to seven years’ rigorous imprisonment in connection with the case probed by CBI.

For Updates Check Companies News; follow us on Facebook and Twitter 

  1. R
    raviraj
    Apr 10, 2015 at 9:23 am
    he deserves much more than this and all the wealth should be seized -
    Reply
    1. C
      Chouhan
      Apr 11, 2015 at 3:30 pm
      The frauds are all safe... the looters are well protected imposters and manitors are glorified... a man who did bring in credit to the country by real worth and NOT body shopping has been done in. Shame to all. He manited his books and paid higher taxes than he should... shame. He was manhandled by rascals in "Leaders garb", pushed to sing out monies by the unworthy who you have elevated to being Majesties... how much can anyone take? The w stockmarket is nothing but govt sponsored gambling and losers in the gambling are now crying foul! Raju, cross your heart.... these people do not know what they are doing.
      Reply
      1. J
        Jairam
        Apr 10, 2015 at 3:29 pm
        He has got away with just a slap. Its a mockery of the criminal justice system in our beloved country. The 5 crore is from the money he looted . THE court and the Government of India if it is sincere in stopping this evil menace or cancer. MUST PUT HIM ON THE FIRST FLIGHT TO USA WERE THE CRIME WAS ALL DONE. HE WOULD GET his DUES IN THE USA COURT WERE HE LOOTED 3.87 billions dollars . Look at Bernie Madoff that guy got over 100 years in prison sentence for his scam. both of them can share they secrets in a SUPER MAX PRiSION IN USA with or without his Hep C infection? or his heart failing. OH my God he is sick and sta in Hospital for ONE FULL YEAR. THE SUPER MAX WOULD GET RID OF BOTH HIS ILLNESS, Cooked up to escape PRISON TERM. Hai RAm Jai Mahatama hiji. WHAT HAS HAPPEN TO OUR GREAT COUNTRY . CORRUPTED ITS VERY SOUL WITH ALL THESE SCAMS
        Reply
        1. V
          Venkat
          Apr 10, 2015 at 10:41 am
          He ditched the rich (Share Market Investors), and the government (which pes very less to people, from the collected taxes after all scams) and favored lacs of people giving jobs, water, and health care (104/108 Ambulance/health care services ). He moght have done less to the extent of looted money. but did done more than a government. He is a sick person, who want the indian company to be No.1, in the world. Many corporates are in his way,
          Reply

          Go to Top