Hyderabad: A special court conducting the trial of the country’s biggest corporate fraud at erstwhile Satyam Computer Services Ltd is likely to reveal the verdict date on 11 August because the judge was on leave on Monday.

Additional chief metropolitan magistrate B.V.L.N. Chakravarthi last month had said he would announce the verdict date in the five-and-half-year-old case filed by the Central Bureau of Investigation (CBI) on 28 July.

The CBI has accused former Satyam chairman B. Ramalinga Raju of inflating revenues, fabricating invoices, falsifying accounts and income tax returns, and faking fixed deposit receipts in collaboration with some of his key executives, to paint a rosy picture of the company’s financials to deceive the public. His actions, along with the nine other accused, caused a loss of 14,000 crore to Satyam shareholders, the CBI estimated in its chargesheet.

Once the poster boy of the Indian outsourcing industry, Raju confessed to fudging Satyam’s accounts to the tune of 7,136 crore in January 2009 in a statement that he later disowned during the trial.

The verdict date, when it will be known, will decide the fate of prime accused Raju and his brothers, B. Rama Raju (then managing director of Satyam) and B. Suryanarayana Raju, along with some former executives—former chief financial officer Srinivas Vadlamani, former chief internal auditor V.S. Prabhakar Gupta, G. Ramakrishna, D. Venkatapathi Raju and Ch. Srisailam. Two former employees of external auditor Price Waterhouse, T. Srinivas and Subramani Gopalakrishnan are also standing trial. Price Waterhouse is the Indian affiliate of PricewaterhouseCooper Llp.

Four former Satyam executives—Ramalinga Raju, Rama Raju, Srinivas and Gupta—have been ordered by the Securities and Exchange Board of India (Sebi) to pay 1,848.93 crore with 12% interest from 2009 (totalling about 2,958.29 crore) for pocketing “wrongful gains" in share transactions. They were also barred from the capital markets for 14 years.

Besides CBI, the Enforcement Directorate (ED) has also filed a chargesheet against 213 people including Raju and 166 firms including Satyam Computer under different provisions of Prevention of Money Laundering Act (PMLA), and attached different properties belonging to them.

Satyam Computer has been absorbed by its new owner Tech Mahindra Ltd, which purchased the scandal-ridden firm in 2009 in a government overseen auction.

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