Millennium Post

Satyam money-laundering: HC tells ED to drop Tech Mahindra from case

Hyderabad High Court on Monday ordered removal of Tech Mahindra from the chargesheet filed by the Enforcement Directorate for money laundering against the erstwhile Satyam Computers Services Limited (SCSL) and its promoters.

The ED's contention was that as Tech Mahindra acquired Satyam, it automatically became an accused. Tech Mahindra approached the High Court challenging this.

Justice Vilas Afzalpurkar on Monday held that Tech Mahindra cannot be held responsible for the acts committed by SCSL before the acquisition.

ED lawyer P S P Suresh Kumar said the agency would decide the course of action after receiving the order copy.

Meanwhile, a special court posted to January 20, the hearing of two complaints filed by market regulator SEBI against Satyam Computers founder and former chairman B Ramalinga Raju and others.

Raju and others appeared before the court of Special Judge for Economic Offences with regard to two criminal complaints filed by Securities and Exchange Board of India in connection with the accounting fraud in the erstwhile Satyam Computer Services Limited (SCSL).

Raju, the prime accused in Satyam scam, and others, who had on November 13 appeared before the court after summons were issued against them in connection with SEBI’s complaints, were directed to furnish personal bond of Rs 20,000 each and sureties of the like amount which they had done.
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