Satyam verdict date: Court adjourns proceedings to August 11

The case is touted as the biggest corporate fraud in the country

The local court trying the erstwhile Satyam Computer Services accounting case on Monday adjourned the proceedings to August 11 as special judge BVLN Chakravarthi of XXI court of Additional Chief Metropolitan Magistrate is on leave.

The special judge, had in June, posted the case to July 28 to pronounce the date of verdict in the five-and-a-half-year case and had directed all the 10 accused, including founder and former chairman B Ramalinga Raju and his brother and former managing director B Rama 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 B Ramalinga 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.