Satyam case: Founder Ramalinga Raju sentenced to 7 years in prison, fined Rs 5 cr only
New Delhi: Finally Satyam verdict has come. The court has convicted Satyam chief B Ramalinga Raju and nine other people in the massive fraud. Nonetheless many corporate leaders have said that the verdict is way too late.
Former Satyam chief B Ramalinga Raju has been convicted in the massive Rs 7000 crore fraud after years and years of hearing. B Ramalinga Raju is out of jail on bail for years after spending many years behind bars.
While talking about his conviction in the case Chairman of Manipal Global Education, T V Mohandas Pai said â€œIt has taken six years in a dynamic economy, (that) is too muchâ€. Nonetheless he went on to add, â€œsix years is much, much better than what was done earlierâ€¦We have come a long long way and this is very good news. Next time we have any such scandal, wish we can prosecute in 2-3 yearsâ€.
How he was able to dodge the system has baffled many. On the quantum of punishment, he said. “I don’t think whether you can find these scandals, the auditors failed, the audit committee failed, everybody failed in the system but the punishment should have been stricter.”
Lawyers are of the view that the nation actually lacks infrastructure to investigate such cases. Noted lawyer Harish Salve said the case has taken long as “we do not have the infrastructure in our courts to deal with these kind of casesâ€¦It has shown that even if it takes time, we are now matured enough to deal with these kind of complex cases of corporate fraud and investigate them thoroughly and arrive at verdict.”
But others claim that the time has changed and that now it is much easy to dig such cases. Renowned lawyer KTS Tulsi said this is one of the first major crimes in the electronic age and all business houses needed to understand that electronic evidence leaves enough foot print for the investigative agencies to be able to dig up the entire character which is unimpeachable. “So there is no place to hide in the modern age. This should be a warning to all the business houses that any one indulging in forgery, has serious able risk to be found out,” he added. Stating that the “landmark judgement” was on the expected lines, Former SEBI Executive Director JN Gupta said “it will make sure that in future such things are brought to justice.”
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