An Indian court has sentenced the previous head of Satyam Computers and nine others to seven years in jail in one of the nation's greatest ever corporate outrages.
B Ramalinga Raju, who set up the item organizations titan, kept charges from guaranteeing trap, tricking and extortion yet admitted to accounting demonstrations of disregard.
Raju was also fined $800,000. The breakdown of Satyam Computers in 2009 cost shareholders more than $2bn and shook India's IT industry.
The News in addition to reporter in Mumbai says it is the best blackmail at a recorded association in India.
The sentenced men are required to ask. The most compelling sentence Raju went up against was life in jail.
It's routinely portrayed as India's Enron - and obviously the distortion at Satyam had much notwithstanding as the humiliation that chop down the US imperativeness titan in 2001. In both cases, the men in the meeting room intentionally swelled advantages remembering the final objective to make their associations appear to be much more advantageous than they truly were.
Enron chairmen moreover masked liberal commitments. Both endeavors, when they got to be uncovered, achieved unfathomable shock and undermined trust in the corporate territory. In any case the results of the Enron shock were a great deal more critical. It made the association to fold. 20,000 laborers lost their employments and shareholders lost more than $70bn.
By virtue of Satyam, the Indian government interceded to stay with the working and composed a takeover by the Mahindra Group. Shareholders still lost money, yet the more broad fallout from the shame was considerably more constrained.