Satyam Ramalinga Raju gets bail

Finaly Supreme Court has granted bail for the Founder and Chariman of Satyam Computer Services LTD, Sri Ramalinga Raju.

He was arrested in a $1.5 billion financial fraud case by CBI in August. As a part Satyam Computer Services was auctioned and sold to IT Firm some part of Tech Mahindra, Mahindra & Mahindra and some partially owned by British Telecoms.

Now its renamed as Mahindra Satyam.

Well, its a good news for Satyam Employees..

Satyam Bidding Completed : Tech Mahindra wins bidding

In satyam bidding process, the three huge companies Tech Mahindra, Engineering L&T, and Wilbur Ross had particpated in the bidding, on Monday. According to Times Now report Tech Mahindra had won in satyam bid with by paying Rs 1757 cr and 31% stake in Satyam. Tech Mahindra will pay Rs 58 Per share, and L&T had offer to pay of 49 Rs per share.

Spice Corp did not submitted bid for satyam as there is no E-Auction.

For More check out Times of India

Satyam Founder might face 10-yr jail

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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Satyam : Fraud of over Rs 7,000 crore

Satyam, means truth but Ramalinga Raju promoter-chairman of Hyderabad-headquartered Satyam Computers, has lied for years to shareholders, employees at large by making a fraud of Rs 7,000 Crore.

TCS, Infosys, Wipro and country's fourth largest IT company was Satyam, by making the fraud satyam computers is knocked to the bottom and which inturn resulted to be removed from its S&P CNX Nifty 50-share index from January 12, as the Satyam Founder resigned from Board the shares of crashed down to 80 percent. And Anil Ambani-group firm Reliance Capital Ltd will be replacing Satyam in the main index, the exchange said in a statement. Satyam will also be excluded from the CNX 100 index, CNX 500 index and the CNX IT index.

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Founder and Chariman of Satyam Resigns

India's Fourth Largest IT company Satyam Founder and Chairman Ramalinga Raju has resigned from the Board. Raju has put in his papers and is waiting for the Board's decision.

As Satyam was in news previously in Maytas deal and at last Raju has written a letter to the board giving details of how the balance sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books.

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