Satyam Execs Face 7 Cases of Violations of India's Companies Act

Seven cases of Companies Act violations have been filed by India's Serious Fraud Investigation Office against B. Ramalinga Raju and others involved in the $2.56 billion accounting fraud at Satyam Computer Services Ltd., reports The Wall Street Journal

 

According to the Dow Jones Newswires story published by the newspaper, cases have been filed for technical violations under various sections of the Companies Act against people such as Raju, Rama Raju, the chief financial officer and others.

 

Ramalinga Raju, the company's founder, admitted in January that he overstated the software exporter's profits for several years and created a fictitious cash balance of more than $1 billion, says the Journal

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