Satyam case: SC grants bail to five
The Supreme Court today granted bail to four erstwhile Satyam Computers Services Ltd employees and an official of its statutory auditor PricewaterhouseCoopers (PwC) accused in one of India's biggest corporate frauds.delhi Updated: Oct 12, 2011 13:27 IST
The Supreme Court Wednesday granted bail to four erstwhile Satyam Computers Services Ltd employees and an official of its statutory auditor PricewaterhouseCoopers (PwC) accused in one of India's biggest corporate frauds.
Satyam Computers Services Ltd's former senior manager V Venkatapathy Raju, former assistant manager C S Srisailam, former vice president G. Ramakrishna, former head of its internal audit V.S. Prabhakar Gupta and PwC employee Subramani Gopalakrishnan were granted bail.
An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said they will be released upon the satisfaction of the trial court and they will deposit, if not done already, their passports to the trial court.
The four former officials of Satyam Computers Services Ltd along with the firm's erstwhile owner Ramalinga Raju and his brother are facing prosecution for fudging the company accounts and showing inflated profits which became one of the greatest corporate scams.
The surfacing of the scam and consequent collapse of the company left lakhs of shareholders and others duped.