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Court summons to former directors of Satyam
January, 12th 2010

A local court on Monday issued summons to two former directors of Satyam Computers, Ram Mynampati and Krishna G Palepu, in a case filed by the Serious Frauds Investigations Office (SFIO), which is investigating into the matter.

The SFIO had earlier charged the accused of deceiving shareholders, fudging balance-sheets, reaping benefits and dividends as directors and showing unpaid dividends as paid. Also, the counsels of Mangalam Srinivasan and Vinod K Dham filed petitions for memo of appearance.

The court has posted hearing for all the accused in the case on January 25. Of the 11 former directors against whom complaints were lodged for alleged violations under different sections of the Companies Act of 1956, former cabinet secretary TR Prasad, ex-director of IIT VS Raju and former dean of the Indian School of Business (ISB) M Rammohan Rao appeared before the court after the summons were issued.

The other accused include disgraced Satyam founder B Ramalinga Raju, his brother Rama Raju, former CFO Vadlamani Srinivas and the then company secretary G Jayaraman.

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