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Satyam Scandal
The Satyam scandal was a major corporate fraud that came to light in January 2009, involving Satyam Computer Services Ltd, one of India’s largest IT companies. The company’s chairman, Ramalinga Raju,
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Satyam scam: SEBI passes order asking company's promoters to disgorge Rs 1,747 crore
The total amount that these entities need to pay is about Rs 1,747.5 crore assuming they pay it back by January 2024 when the deadline is set. This includes an interest amount of Rs 1123 crore for about 15 years.
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FAQ
1. What was the Satyam scandal?
It was a major corporate accounting fraud in 2009 involving Satyam Computer Services and its chairman Ramalinga Raju.
2. How much money was involved?
The fraud involved approximately ?5,040 crore ($1.04 billion) in falsified accounts.
3. Who was responsible?
The primary culprit was Ramalinga Raju, the founder and chairman, along with several senior executives.
4. What was the outcome of the scandal?
Raju and others were convicted and sentenced to prison, and Satyam was acquired and merged with Tech Mahindra.
5. What was the impact on corporate governance in India?
It led to stricter auditing standards, board oversight requirements, and regulatory reforms to prevent similar frauds.
