Satyam verdict date to be final on June 26

Hyderabad: The Special Court trying the multi-crore accounting fraud case of Satyam Computers Services Limited on Monday said it will announce its verdict date on June 26. Special Judge  B.V.L.N.  Chakravarti of XXI Court of the Additional Chief Metropolitan Magistrate (ACMM) at Nampally said to the counsels of the CBI and the accused in the scandal that the date for pronouncement of the verdict in the case related to the fraud will be given on Thursday. The accused appeared before the court.

The whole process, including the trial in the case has come to an end. The court examined about 216 witnesses and marked about 3,038 documents during the hearing. The Satyam scam came to light in January, 2009, after its former chairman B. Ramalinga Raju, once a renowned name in the Indian technology industry, confessed to an accounting fraud to the tune of Rs 7,136 crores, but later retracted his statement.

In February, 2009, the CBI took over the investigation and filed three charge sheets against Mr Raju and others, (on April 7, 2009, November 24, 2009 and January 7, 2010), which were later clubbed into one. All of them are currently out on bail. They have been accused, mainly, of falsification of accounts which caused a loss of Rs 14,000 crore to Satyam shareholders.

Mr Raju and others were charged with offences ranging from cheating, criminal conspiracy, forgery, breach of trust under relevant Sections of IPC by way of inflating invoices and incomes, account falsification, faking fixed deposits and allegedly falsifying returns through violation of various I-T laws.