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09 April 2015

Agencies reported that Satyam founder B Ramalina Raju, his two brothers and seven others were sentenced to seven years in jail by a special CBI court in Hyderabad today for their role in the Rs 7,000 crore Satyam accounting fraud.

Raju and his brother B Rama Raju were also fined Rs 5 crore, with fines of Rs 20 to 25 lakh on the other co-defendants.

SNG & Partners managing partner Rajesh Narain Gupta, who is not directly involved in the case, commented: “Satyam is an exemplary case where the Government of India through department of company affairs intervened and ensured that the Company did not fail and become bankrupt due to the fraud perpetuated by the promoters. The judgment given by the Court will have far reaching consequences in checking corporate frauds and shall also act as a severe deterrent.”

18 June 2013

Amarchand Mangaldas Mumbai principal associate Satyam Sharat will join Ashurst’s Jakarta office as a foreign legal consultant in a month.

He specialises in banking, having joined Amarchand in 2006 from JurisCorp after graduating from NLIU Bhopal in 2005.

Ashurst India head Richard Gubbins said: “We were looking for a common-law trained associate to assist in dealing with our foreign clients in Indonesia. The fact that Satyam is an Indian national from an Indian law firm is a bonus since Indian investors are quite active in Indonesia. 

“The work that our Jakarta Office  has done for Indian clients includes work for Essar, [TVS Motor Company], airport developers [such as GVK] and mine investors. Satyam will be a great asset for us to attract additional work from India because he comes to us with excellent credentials.”

18 February 2011

Legally India newsletter

Satyam settled a New York class action law suit against its shareholders for $125m. But was it good news for India?

18 February 2011

image Expert academic witnesses Vikramaditya Khanna and Sandeep Parekh locked horns with law firm JSA-instructed and ex-CJI Ahmadi’s testimony in the lead-up to yesterday’s $125m settlement before a New York court, US dockets reveal.

31 August 2010

The Supreme Court has issued notice to ex-Satyam director B Rama Raju and four others following the Central Bureau of Investigation’s (CBI) challenge of the High Court’s grant of bail to the defendants, who were allegedly responsible for the Rs 7,000 crore scam that almost brought the IT company to its knees.

Full story at the Times of India.