A special court in Hyderabad deferred its judgment on the multi-crore accounting fraud in Satyam Computer Services Limited till the 9th of next month. Citing voluminous documents in the case, Special Judge B V L N Chakravarthi said that it is the mandate of the Supreme Court that the judgment has to be pronounced and if any obstruction is caused, it would be contempt of the apex court.
The judge’s observation came as defence counsels were not present in the court, ostensibly because of the ongoing agitation by Telangana advocates who have been boycotting courts demanding separate High Court for the new state.
Considered as the country’s biggest accounting fraud, the scam had come to light on January 7, 2009, after the erstwhile firm’s founder and then Chairman B Ramalinga Raju allegedly confessed to manipulating his company’s account books and inflating profits over many years to the tune of crores of rupees. Raju and others were charged with offences like cheating, criminal conspiracy, forgery and breach of trust under the relevant sections of IPC.