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Raju may be charged on 32 counts

Raju may be charged on 32 counts
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First Published: Mon, May 04 2009. 12 56 AM IST
Updated: Mon, May 04 2009. 12 56 AM IST
Mumbai: The Serious Fraud Investigation Office (SFIO) has recommended prosecuting B. Ramalinga Raju, founder of Satyam Computer Services Ltd, on 32 charges under various sections of the Indian Penal Code, the Companies Act and the Information Technology Act. This has been revealed in a report that is to be submitted by SFIO to the ministry of corporate affairs.
People familiar with the development said SFIO also recommended prosecution of Ram Myanampati, a former director of Satyam, under the Companies Act. It also urged action against chief financial officer V. Srinivas and company secretary G. Jayaraman.
The report pointed to an alleged nexus between Satyam and Maytas Infra Ltd, promoted by Raju’s family, the people said. According to the report, the promoters of Satyam allegedly pledged 361,000 shares of Maytas Infra to meet margin calls on 18 December 2007.
SRS Orion Investment of Mauritius picked up 38% equity in Maytas Infra’s public offer. SFIO suspects this investment was routed through Satyam’s accounts, and has forwarded details to the Enforcement Directorate, the people said.
cnbctv18@livemint.com
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First Published: Mon, May 04 2009. 12 56 AM IST