Special court to hear Satyam case on daily basis
03 Nov 2010
Starting Monday, the special court hearing the Satyam case will conduct hearings on a daily basis, starting with the first set of six witnesses.
The Central Bureau of Investigation today presented a list of key witnesses, mostly bankers, to the court for summons.
According to CBI DIG VV Laksminayana the CBI would increase the number of witnesses to be examined later, depending on the progress of the case.
The examination will focus on bankers who had certified that the company held fixed deposits, when in reality the deposits did not exist. The fictitious deposits were reflected in the company's balance sheets. Among the bankers, CBI is an international operator.
The Raju brothers had earlier been charged by the CBI of having acquired 1,065 properties during the period the accounting fraud was perpetrated Satyam Computer Services.
Former chief financial officer Srinivas Vadlamani is also among those charged with having acquired properties in his and his kins' names. According to the CBI Raju and his associates had created seven fake foreign customers against whom fabricated invoices had been raised.
The Supreme Court has directed that the case be concluded on or before July 2011. After 19 months in judicial custody, Raju along with others accused appeared before the court on the 21st additional chief metropolitan magistrate in Nampally.