Raju brothers sentenced to 7 years in jail, fined Rs. 5.5 crore

[V.Balasubramani]

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Raju brothers sentenced to 7 years in jail, fined Rs. 5.5 crore

Former chairman of Satyam Computers B. Ramalinga Raju and nine other accused in the Satyam Computers scandal have been awarded seven years rigorous imprisonment and imposed varying amounts of fine by a Special Court in Hyderabad on Thursday. All the 10 accused in the multi-crore Satyam Computers account fraud, were found guilty by the judge B.V.L.N. Chakravarthy.

Ramalinga Raju and his brother Rama Raju, former managing director, have been penalised Rs.5.5 crore each, while the eight other accused were asked to pay a penalty of Rs.50 lakh each. The two Raju brothers faced charges under Section 409 of IPC (criminal breach of trust by merchant and agent), a provision which attracted the maximum punishment.

In addition, Ramalinga Raju faced charges under Sections 120-B read with 420 IPC. He was also convicted under Sections 409, 467, 468, 471, 477-A and 201 of IPC. The sentence under the various charges will run concurrently.

He has already served jail sentence in the case from January 10, 2009 to August 19, 2010. He was freed on bail by the High Court in Hyderabad in August 2010. Following the cancellation of the bail by the Supreme Court, he was again lodged in jail from November 10, 2010 to November 5, 2011.

Read more at: Ramalinga Raju sentenced to 7 years in jail, fined Rs. 5.5 crore in Satyam scam case - The Hindu

 

[tbs]

hi

uppu thinnaal thanni kudikkanum...another sanjay dutt kinda case...they go to jail....whenever they want..they come out on parole..

nice A class facility in jail....no office janjatt.....

 

[P.J.]

Raju brothers sentenced to 7 years in jail, fined Rs. 5.5 crore

Former chairman of Satyam Computer Services Ltd. B. Ramalinga Raju and nine others, two of them family members, were sentenced to seven years rigorous imprisonment on Thursday in the country’s largest-ever corporate fraud.



The special court imposed a fine of Rs. 5.5 crore each on Raju and his brother Rama Raju, ex-managing director, and about Rs. 50 lakh each on their sibling Suryanarayana Raju and seven others.



please read more from here

Ramalinga Raju sentenced to 7 years in jail, fined Rs. 5.5 crore in Satyam scam case - The Hindu

 

[talwan]

The politicians connected with Raju are still at large.

Alwan

 

[V.Balasubramani]

The politicians connected with Raju are still at large.

Alwan

Sir,

Politicians connected directly or indirectly not only with Sathyam but also with other scams and scandals are at large. Those who are charge sheeted are facing trial. In some of cases, where politicians with muscle and money power are involved, such cases are dragged on for years together.

 

[vgane]

Satyam Raju created an IT behemoth which was sold to Tech Mahindra for a song! The business model was sound! Had this bnot happened the Company would have been in top 3 in IT...It is a sordid saga of crime, corruption & chicanery in the Board room that have landed the Satyam brothers in jail!

 

[sarang]

He had a parallel fictious company running in sap with ten thousand employees and their salaries credited to his account. Satyam was one of the earliest providing dial up internet.

 

[tbs]

hi

with his money .......many more benefited......but they are free from jail....

 

[V.Balasubramani]

I would like to share the Editorial of Today’s Hindu

Just punishment

The conviction of B. Ramalinga Raju, the disgraced former chairman of Satyam Computer Services Ltd., B. Rama Raju, his brother and managing director, and some associates, closes a chapter on India’s biggest corporate fraud to date. In a way, the black sheep in the booming information technology industry have at last been nailed for their crimes. The accused were sentenced to a seven-year prison term for fudging accounts and inflating profits; for cheating investors and breaching the trust of thousands of shareholders; evading taxes and paying additional taxes at another point to justify the fictitious revenues they could not otherwise account for. These were not merely violations of law; the illegal actions brought corporate India, and its lynchpin, the information technology sector, under a dark cloud. It is therefore commendable that the meticulous work of investigators and judicial officers brought closure to a challenging trial that involved a voluminous amount of documents and electronic evidence. In the end, Mr. Raju received little sympathy despite admitting to the corporate fraud, which resulted in the abrupt fall of the $2 billion Satyam empire, which he announced through an e-mail to his colleagues, the Securities and Exchange Board of India and the stock exchanges. His actions clearly were motivated by the fact that the scale of the fraud was too big to sustain. Later, though, Mr. Raju sought to disown his admission and disputed the fact that he had written the e-mail that detailed the graft and fraud. Clearly, his attempt at deception failed.

Read more at: Editorial: Just punishment - The Hindu

 

[V.Balasubramani]

The Hindu - Today's cartoon

Source: The Hindu -
Opinion, editorial, views unlimited, debate and blogs - The Hindu

 

[talwan]

Few More corporate frauds under Lense:
1)Sun Shone with maxwell,Aircell Deal.
2)Sahara cases.
3)DFL case.
4)King Fisher Airlines
5)Saradha chit
Just a few i could recollect.
Alwan

 

[vgane]

 

[V.Balasubramani]

The Satyam episode makes one wonder if name, fame and size matter at all
----------------------------------------------------------------------------------------------------------------------------------------

Fair end, unfair game

First an icon, then a conman, and now a convict, Ramalinga Raju has indeed traversed quite a bit.

The conviction of founder Ramalinga Raju and nine others in the infamous Rs.7,123-crore Satyam fraud case that shook the Indian corporate world in 2009 has set off a debate of a different kind. Is the quantum of punishment adequate given the nature of the crime and the method of its execution in a collusive manner? This fresh debate, however, has conveniently cast aside the larger malice afflicting not just the Indian enterprise but the society as a whole. Ironically, in this instance, a fraud of a gigantic proportion happened in a company which went by the name ‘Satyam!’ Can the end justify the mean? Can’t businesses be run in a fair manner? Is ethical business impossible? Can’t professionals be objective? Can enterprise make profit without cutting corners? And, more importantly, can stakeholders perform dispassionately in an environment where relationships encounter differing goals?

Read more at: Fair end, unfair game - The Hindu

 

[V.Balasubramani]

[h=1]Satyam’s Ramalinga Raju, 9 others get bail, sentences suspended by court[/h]HYDERABAD: A metropolitan sessions court in Hyderabad on Monday granted bail to Satyam Computers founder B Ramalinga Raju and nine others and suspended their seven-year rigorous imprisonment sentence in the multi-crore rupee accounting fraud in the erstwhile IT company.

They had been taken into custody barely a month ago after the conviction in the trial court.

M Laxman, special judge for economic offences, said the execution of "substantive and default" sentence is suspended for Raju and his brother and then managing director of Satyam, B Rama Raju, on furnishing of personal bonds of Rs 1 lakh each and two sureties of the like sum.

Read more at: Satyam?s Ramalinga Raju, 9 others get bail, sentences suspended by court - The Times of India

 

[sarang]

I approve giving bail to those convicted in the lower court as there is a possibility that higher courts can reverse the judgement and set the accused free. If they are put in jail and then released, it is unjust, and years spent in the harsh prison sentence cannot be regained. The lower court itself can suspend the sentence, grant bail with suitable guarantees unless the accused is danger to society, repeat the crime or escape to distant lands. Proceedings in the higher court are normally on issues of law, procedures, testimonies already given, and are in essence verbal skill exercises.

Courts can set time targets to finish all further hearings within one year after judgement. A relook and revisit of our traditional justice system is also necessary. Courts can save time, prisons will have less inmates, innocents will not have to undergo unnecessary prison terms.

We need a bold government to sever ties with the british system and reevaluate the whole process.