Mahindra Satyam slaps case against Ramalinga Raju

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Ramalinga Raju
New Delhi, Jan 10: IT company Mahindra Satyam have filed a lawsuit against founder and former Chairman of Satyam Computer, Ramalinga Raju along with some ex-employees and former auditor Price Waterhouse in a Hyderabad court seeking damages for committing fraud, breach of fiduciary responsibility, obligations and negligence in performance of duties.

In 2009, Satyam Computer was taken over by the Mahindra group and renamed it as Mahindra Satyam after its founder Ramalinga Raju admitted to about Rs 14,000-crore accounting scam.

According to media reports, the firm has also sought damages, which some people estimate could be as high as $200 million.

The Audit firm Pricewaterhouse (PW) terming the Mahindra Satyam's filed suit against Satyam Computer as baseless and said it would defend itself strongly against any charges of negligence of duties.

Meanwhile, Mahindra Satyam has filed the civil suit against Satyam and certain members of its former senior management certain former employees besides audit firm Pricewaterhouse, its affiliates and certain partners claiming compensation and damages. The city civil court in Hyderabad will hear the case soon.

OneIndia News

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