Satyam Case: Tracing the sordid story

Year: 2008 On December 16 Satyam’s board approved the acquisition of sister concerns Maytas Infra and Maytas Properties for $1.6 billion. The decision was called off next day, 12 hours after the board's nod, due to investor outcry. On December 18, British mobile solutions provider Upaid files a lawsuit against Satyam in the US. Several directors on Satyam’s board, such as Mangalam Srinivasan, Krishna G Palepu, Vinod K Dham and Mendu Rammohan Rao resign in 2009.

Year: 2009 On January 7, Satyam Chairman B Ramalinga Raju confesses to accounting fraud by inflating revenues and profits. Ram Mynampati was appointed interim CEO. On January 10, Raju and his brother and Satyam MD Rama Raju were sent to judicial custody. The CID also arrested former CFO Srinivas Vadlamani. On January 11, the old board of Satyam was dissolved. Deepak Parekh, Kiran Karnik and C Achuthan are then appointed on board.

Year: 2009 On January 14, Deloitte and KPMG are appointed to restate accounts. The search for the new CEO and CFO begins. On January 16, the court denies Raju’s bail plea. T N Manoharan, Tarun Das and S Balakrishna Mainak are brought on the Satyam board. On January 19, Brahmayya & Co are appointed internal auditors. Amarchand & Mangaldas & Suresh A Shroff & Co are appointed as legal advisors to board.

Year: 2009 On January 24, CBI arrests Price Waterhouse auditors S Gopalakrishnan and Srinivas Talluri. On January 27, Goldman Sachs and Avendus were appointed investment bankers. Boston Consulting Group was appointed management advisor. On February 5, company insider AS Murthy took over as CEO. Homi Khusrokhan and Partho Datta were appointed special advisors.

Year: 2009 On February 16, the government ordered the CBI to probe the Satyam fraud. On February 19, the company Law Board allowed Satyam to induct a strategic investor, raise equity capital and make preferential allotment of equity shares. Sebi approved the bidding process on March 6. On March 20, Formal EoIs by companies, along with proof of availability of Rs 1,500 crore. iGATE opts out of the race.

Year: 2009 On April 2, the Board modified the bidding process to include open action in case one or more bids were 90% of the highest bid or more. On April 6, the Enforcement Directorate registered a case against Satyam and Raju for alleged money laundering. On April 7, the CBI filed the chargesheet against the Raju brothers, Vadlamani, PW auditors, G Ramakrishna and two other employees. On April 13, Tech Mahindra was announced as the highest and the successful bidder

Year: 2010 On February 17, the Special court on Satyam became functional. On March 15, the Supreme Court denied bail to Raju on the ground that he might influence the witnesses. On July 20, the HC granted bail to Rama Raju and four others in Satyam case

Year: 2011 On November 4, the Supreme Court granted Raju bail

Year: 2012 In August, Satyam posted 56.4% jump in net profit to Rs 352 crore for June quarter; revenue was up 31% to Rs 1,880 crore. In December, Satyam Computer settled the Aberdeen UK claim for $68 million.

Year: 2013 On January 3, the US court dismissed a class action lawsuit against the former Satyam directors. On January 30, the Company Law Board accepted terms of settlement of the Maytas case In Fendruary, Tech Mahindra readied the postmerger management structure; targeted $5 billion in revenues by 2015.

Year: 2013 In March, IL&FS opposed the Satyam merger in AP High Court. On June 25, Tech Mahindra announced an official merger with Satyam. It dropped brand Satyam and named the merged entity Tech Mahindra On October 28, the Enforcement Directorate filed a complaint in court against Raju and others for money laundering.

Year: 2014 On June 24, trial in the CBI case against Satyam completed. On July 15, Sebi barred Raju and four others from accessing the securities market. Ordered them to pay Rs 1,849 crore with 12 per cent interest in 45 days. On December 9, the Economic Offences Wing court sentenced Raju and three others to six months’ imprisonment. Imposed fine on former independent directors

Year: 2015 A special court set up in Hyderabad to try the Satyam Computer Services multi-crore accounting fraud case on April 9 convicted former chairman B Ramalinga Raju and other nine accused following a seven-year trial.