As Satyam Computer's Founder and Chairman Ramalinga Raju who has claimed himself for the fraud of Rs. 7000 crore and gave statement that no other Board Member and Senior Executive is aware of the fraud, Raju and any other director/executive found to be involved in the scam are liable to be prosecuted on charges punishable with imprisonment up to 10 years.
The Below might be the serious penalities that Raju might face under various Laws:
* Section 23 of the securities contract regulation Act 1956, that imposes a penalty of imprisonment up to 10 years and fine up to Rs 25 crore and more sections.
And Satyam is holding news conference at 5PM on Thursday
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Wednesday, January 7, 2009
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