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Why the Prosecutorial Performance of India's Investigative Agencies Should be Evaluated Public funds are wasted in investigations and prosecutions which start with much fanfare, but invariably fade into oblivion without reaching their logical conclusion. Representative image of CBI officers. Sarvesh Mathur. Listen to this article:. Political Economy. The LIC alone had suffered a loss of Rs crore due to the scam. Mahindra Satyam today said it has received a provisional attachment order from the Income Tax Department attaching land and buildings of the company.
Mahindra Satyam believes that it is high time for the the former auditors, management and owners to pay up for their past misdeeds at the co.
Sources said that as of now, the court has advised the company to wait for the judgment of a similar case that is pending before the AP High Court.
SC also directed the special court in Hyderabad, which is conducting the trial in the Satyam case, to conclude its proceedings by July Satyam chairman B Ramalinga Raju said on Tuesday that his letter of January was a mere resignation letter from the post of the company's chairman and claimed that he was being falsely implicated by the CBI.
Nifty 18, Zomato Ltd. Market Watch. ET NOW. Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit. Malaria Mukt Bharat. To negate criticism, Ital Thai, that had built the Bangkok metro was roped in to become part of the Navbharat-Maytas consortium. Maytas Satyam spelt in reverse , floated as a construction and real estate entity, was run by Raju's sons.
But it was when Raju beat the others during the bid process that those in the know, began to understand what was going on in the IT czar's mind. When the bids were opened in July , Maytas won the bid by offering to pay Rs 1, crore to the government as license money for being awarded the project. This was completely out of the blue for the others had in contrast, sought Viability Gap Funding from the Union government.
As per the deal, the Maytas consortium would run the project for 35 years, which could be further extended by 25 years. It would get acres of land from the government, much of it chunks in prime areas of Hyderabad. Maytas would also get to commercially exploit real estate around the Metro stations to generate revenue. Raju was looking at putting in the money now to reap huge benefits a few years down the line. There were two reasons why Raju decided to board the Hyderabad metro rail.
One, he owned through a maze of unlisted companies, sizeable chunks of land on the outskirts. The estimate according to agencies is that his family owned 6, acres of land in Hyderabad and also in Chennai and Bengaluru, valued at around Rs 6, crore.
If the Metro rail routes terminated near those areas in Hyderabad, the real estate value would shoot up, benefiting Raju significantly. At present, all the accused are out on bail, though the Enforcement Directorate has also filed a charge sheet against them under the Prevention of Money Laundering Act. Raju and some of the directors were sentenced to six months' imprisonment and each of them were fined an amount ranging from Rs 10, to Rs 10 lakh, while in other complaints only fines were imposed.
Sebi revealed these details along with the illegal gains made by each of these accused in the scam and filed its charge sheet in the economic offences court. All the ten accused today attended the court proceedings. However, media persons were not allowed inside the court hall.
The final arguments in the multi-crore accounting "fraud" in Satyam Computers commenced today in a local court with the prosecution starting its arguments in the case. A metropolitan court rejected the plea of former Satyam chairman B. Ramalinga Raju, and seven others into the multi-crore financial scam case. The Supreme Court on Monday asked former Satyam managing director B Rama Raju and four others, accused in Rs 14,crore accounting fraud in Satyam, as to why their bails should not be cancelled.
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