Verdict date in Satyam case next month

The trial in the five-and-a-half year case, touted to be the biggest corporate fraud in the country, has been completed last week

The date of verdict in the erstwhile Satyam Computer Services accounting fraud case would be pronounced on July 28. The trial in the five-and-a-half-year case, touted to be the biggest corporate fraud in the country, was completed last week.

A special court, set up to deal with the case, on Thursday directed all the 10 accused, including founder B Ramalinga Raju, to appear before it on July 28. It had examined 216 witnesses and 3,038 documents produced by the CBI, which alleged the scam resulted in a loss of Rs 14,000 crore to the shareholders.

The scandal came to light on January 7, 2009, when Raju confessed to the accounting fraud in a letter to the board. Satyam was subsequently taken over by Tech Mahindra.

The CBI probed the case and filed three charge sheets. These ranged from criminal conspiracy to breach of trust, forgery and cheating and the punishment could be up to 10 years imprisonment and fine.