Satyam founder Raju offers no comment on merger

Satyam Computer (now Mahindra Satyam) founder B Ramalinga Raju, now cooling heels in prison for the multi-crore accounting fraud case, said he has no comments to make on merger of the IT company with Tech Mahindra.

Raju, the main accused in the multi-crore rupees accounting scam in Satyam Computer, said he has no message to give to the company employees on the merger proposal.

"No comments [on merger]. No message [for employees]," Raju said, when asked about his reaction on the development.

"I will talk to you [media] after the trial is completed," he said when asked if he will talk to media later.

Raju today attended the local court that is conducting trial in the accounting scam.

Raju in January 2009 had admitted to fudging the earnings and assets of Satyam for years. He and nine others were arrested for committing the accounting scam. The case was handed over to CBI which named ten persons, including Raju, as accused in the charge sheet.

In April 2009, Mahindra group acquired Satyam Computer and later rebranded it as Mahindra Satyam.

Yesterday, the group announced the merger of Mahindra Satyam with another group company Tech Mahindra in an all-share deal which would create the fifth largest IT company in the country.

Meanwhile, the XXI Additional Chief Metropolitan Magistrate Court is in the process of recording the cross examinations of the investigation officers involved in the accounts falsification case.

"As many as 16 investigation officers have been cross-examined by the defence. Another two IOs are to be examined. The process may take another two months," K Surender counsel for CBI said.

As per the directive of the Supreme Court, the probe agency reduced the number of witnesses in the case to 220 as against 690 mentioned in the charge sheet, a CBI official earlier said.