The special court in Hyderabad, which was to give its order on the much-awaited Satyam case, has deferred the verdict till April 9 due to voluminous documents and lawyers' strike in the city, which has crippled all court proceedings.
The judge has directed all lawyers to be present on April 9 for the final judgment.
The Satyam case has often been touted as India’s Enron moment ironically for the company whose name in Hindi translates to ‘truth’, which has become synonymous to the biggest accounting fraud which CBI suspects goes way back to 1999.
The primary proponent here was Ramalinga Raju who the CBI suspects had engaged in fraud worth Rs 7,000 crore causing a loss of Rs 14,000 crore of investors. The CBI claims there was vast fake in-voicing, which led to fraudulently increasing of revenues and profits. At the same time it inflated the stock, it inflated the bank balance of the company giving false assurances to investors.
There were also efforts to make acquisitions of companies of kith and kin to justify these additional bank balances, which was when things fell apart. On January 7, 2009, Ramalinga Raju confessed faking these accounts.
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