Satyam Files Lawsuit against Ramalinga raju
Mahindra Satyam (Mahindra took over reins of the company in April 2009 and branded it as Mahindra Satyam) has filed a lawsuit in the City Civil Court of Hyderabad against the founder and former chairman Ramalinga Raju along with erstwhile board of directors, former employees and the auditing firm Price Waterhouse (PW) seeking damages.
However, Mahindra Satyam didn’t quote any specific number to the damages it was seeking as the company is unsure about the actual loss incurred, which include loss of business, customers and reputation.
The erstwhile board of directors of Satyam comprises its founder and chairman B Ramalinga Raju, his brother Rama Raju, the father of Pentium computer chip Vinod Dham, Indian School of Business’s then-dean M Rammohan Rao, former director of IIT Delhi VS Raju, former Union cabinet secretary TR Prasad, Harvard Business School’s Krishna Palepu and a retired professor Mangalam Srinivasan.
Satyam fraud which came to light in 2009 became the country’s biggest corporate scandal, estimated to be at about Rs 14,000 crore.
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