Last Updated: March 17, 2023, 14:20 IST
A plea by Satayam Computers founder-chairman Ramalinga Raju was dismissed by a division bench of Telangana High Court. Clearing the decks for the audit agency PricewaterhouseCoopers (PwC) to sue B Ramalinga Raju for Rs 100 crore for the loss precipitated to its popularity and enterprise.
A civil courtroom in Hyderabad will now hear the swimsuit filed by PwC in opposition to Raju and different perpetrators of the Satyam rip-off. The courtroom will even hear a plea of (*100*) Mahindra – which took over the scam-hit Satyam in 2009 – looking for 223 crore damages from Raju and others accused within the crime.
Holding the view {that a} statutory auditor is an unbiased authority who can scrutinise the monetary actions of the corporate and its administration, a bench of Justice P Naveen Rao and Justice Nagesh Bhimapaka dismissed a civil revision plea filed by Raju.
The disgraced former Satyam chairman was aggrieved by the choice of the civil courtroom, which rejected his plea to debar PwC on the threshold as a result of it was a contractual accomplice and therefore was barred from pursuing a swimsuit in opposition to him.
PwC, which was the statutory auditor of Satyam Computers between 2000 and 2009, had sued Raju for the damages it suffered ever since his confession to India’s largest accounting fraud in January 2009. The audit agency claimed that owing to the fraud perpetrated by Raju and associates and their deceitful conduct, it had suffered an enormous lack of shoppers and income, and irreparable business damages.
Read all of the Latest Business News right here
