Five Satyam accounting fraud accused granted bail by SC

The former Satyam employees who were granted bail were its former internal chief auditor VS Prabhakar Gupta, executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC’s former auditor Subramani Gopalakrishnan

New Delhi: Four former employees of IT major Satyam Computers Services and a former auditor of PricewaterhouseCoopers (PWC), arrested for their alleged roles in multi-crore accounting fraud involving the software firm, were today granted bail by the Supreme Court, reports PTI.

“On the totality of the circumstances, we deem it appropriate to release them on bail on a personal bond of Rs2 lakh and surety of like amount,” a bench of justices Dalveer Bhandari and Dipak Misra said, while granting bail to the five accused.

The former Satyam employees who were granted bail were its former internal chief auditor VS Prabhakar Gupta besides executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC’s former auditor Subramani Gopalakrishnan.

The five had approached the apex court challenging the 30th August order of Andhra Pradesh High Court which had rejected their bail pleas.

Of the total ten accused in the case, Satyam’s founder B Ramalinga Raju’s younger brother B Suryanarayana Raju and former PWC auditor T Srinivas had already been granted bail by different courts earlier.

The prime accused, B Ramalinga Raju and his brother and Satyam’s former MD B Rama Raju, have so far not approached the apex court for bail and are still lodged in Hyderabad’s Chanchalguda Central Prison under judicial custody.

The tenth accused in the case is Satyam’s former chief financial officer Vadlamani Srinivas, who too is in judicial custody.

The five accused, who were granted bail, had sought it on the grounds that the trial in the Satyam scam was not completed within the Supreme Court-stipulated deadline of 31st July and that all the prosecution witnesses had been examined.

For his alleged role in the accounting fraud, Satyam Computer’s founder and its former chairman Ramalinga Raju had been arrested first in January 2009, but his bail was cancelled in October last year by the Supreme Court.

While cancelling his bail, the apex court had stipulated that the accused would file another bail application only after 31 July 2011, if the trial in the case is not completed in the local court.

Following cancellation of his bail on the CBI’s plea, Raju had surrendered on 10th November last year before a Hyderabad court adjudicating the nation's biggest corporate fraud, allegedly to the tune of Rs14,000 crore.

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COMMENTS

Nagesh Kini FCA

5 years ago

For the 2009 accounting fraud the US SEC penalizes, but our system that includes the Economic Offenses Police, MCA, RAC, SEBI and ICAI are still unable to press charges is in deed indicative of the sad state.The poor small shareholder is at the loss with the scamsters protected as Andhra Govt.sons-in-law!

NTPC may appoint Deloitte for operational revamp

NTPC may soon appoint Deloitte as a consultant on revamping its operations and human resources development

“NTPC is likely to appoint Deloitte as a consultant for preparing its restructuring plans, which would include the company’s new mining plans, manpower management, etc,” a Power Ministry official said.

Deloitte is believed to have made a presentation to the company on taking up the job, which would also involve an analysis of the proposed restructuring of NTPC joint ventures—including NTPC-SAIL Power Company Ltd, NTPC Tamil Nadu Energy Company Ltd, Ratnagiri Gas & Power Ltd, NTPC-Alstom Power Services Ltd, NTPC-SCCL Global Ventures Ltd, International Coal Ventures Ltd and NTPC BHEL Power Projects Pvt Ltd—the official added.

NTPC plans to expand its existing power capacity of over 35,000MW to about 66,000 MW by 2017. The company planned to raise its capacity to 75,000MW by the end of the 12th Five-Year Plan (2012-17), but it had to curtail the target due to non-availability of gas and coal and land acquisition issues.

NTPC currently employs approximately 26,000 people. It will seek the consultant’s advice on streamlining its present workforce and how to make the best use of manpower. The consultant would also advice the company on its coal mining venture. NTPC has been awarded coal blocks and is expected to start excavation from those blocks in the near-term.

In the late afternoon, NTPC was trading at around Rs175.25 per share on the Bombay Stock Exchange, 0.68% down from the previous close.

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Mercedes Benz starts car leasing business in India

Mercedes launches Star Lease that will make available its complete range of cars for hire. Customers would have the option of leasing a Mercedes car on a monthly rental for a period ranging between 12 and 36 months

Mercedes launches Star Lease that will make available its complete range of cars for hire. Customers would have the option of leasing a Mercedes car on a monthly rental for a period ranging between 12 and 36 months

German Luxury car maker Mercedes Benz on Tuesday started car renting business in India with the launch of Star Lease that will make available its complete range of cars for hire.

According to the new scheme, customers would have the option of leasing a Mercedes car on a monthly rental for a period ranging between 12 and 36 months. Mercedes Benz India director sales and marketing, Debashis Mitra said, "Consumers shall now have an option to drive away a Mercedes without any initial investment and just pay affordable rentals which shall cover all insurance and maintenance costs for three years."

The customers who lease a car would also have an option to buy the car after three years, he added. The lease would be provided through Daimler Financial Services India, a subsidiary of Daimler Financial Services AG that was launched in July 2011, under the Mercedes Benz Financial branding. The company would offer the Star Lease from its dealerships in Delhi, Mumbai, Pune, Bangalore and Chennai.

Leasing is the grant of use of a vehicle where the customer pays for only what he uses. Under a leasing contract the customer can use a vehicle over a period of time for a fixed monthly lease rate.

"The Indian consumer's appetite for luxury vehicles has been voracious and we foresee this growing in the future," Daimler Financial Services India managing director Sidhartha Nair said.

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COMMENTS

David John

3 years ago

This article gives the light in which we can observe the reality. This is very nice one and gives in depth information.

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