Satyam's chairman admitted on 7 January 2009 that the accounts were falsified, including Rs 5,040 crore of cash that did not exist. Tech Mahindra bought contro…
Satyam's board approved buying two Maytas companies tied to the founder's family for about $1.6 billion. Investors objected and it was withdrawn the next day.
The 30 September 2008 balance sheet showed Rs 5,361 crore of cash, of which Rs 5,040 crore did not exist. He resigned and was arrested on 9 January.
The Company Law Board suspended the board on a Government petition. Deepak Parekh, Kiran Karnik and C. Achuthan were named on 11 January.
Tech Mahindra bought a 31% controlling stake and announced an open offer at Rs 58 a share on 22 April.
A special CBI court in Hyderabad sentenced each to seven years. A sessions court suspended the sentences on 11 May 2015.
A two-year bar on auditing listed companies and disgorgement of about Rs 13 crore in fees.
SAT quashed the bar on 9 September 2019. The Supreme Court stayed SAT's finding on SEBI's power in November.
SAT said 14-year restraints needed reasons and that gains must be calculated individually.
About Rs 624.1 crore of unlawful gains across six noticees, plus 12% simple interest. The Raju brothers are restrained until 14 July 2028.
It set aside a 2011 CBDT order and declared assessments for 2003-04 to 2008-09 void, ordering fresh assessments excluding fictitious income.
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