Satyam Computer Services Limited
On 7 January 2009 Satyam's founder wrote to the board that cash and bank balances of Rs 5,040 crore did not existS2. In April 2011 the US SEC announced that Satyam had agreed to settle fraud charges with a US$10 million penalty, and that Indian PwC affiliates had agreed to a US$6 million penaltyS1. His lawyers later told a court he never wrote the letterS3. A Hyderabad court convicted him and nine others on 9 April 2015S5. A sessions court suspended the sentences in May 2015S4S5. SEBI's 2014 market ban and Rs 1,849 crore disgorgement order was sent back by the appeals tribunal in 2017S6 and reduced to Rs 622 crore by an order of 30 November 2023S7S8.
- Also known as
- Satyam, SCSL, Satyam Computers
- Headquarters
- India
- Records from
- India, United States
- Current status
- Former Indian IT services company whose founder disclosed falsified accounts in January 2009S2. The founder and nine others were convicted in Hyderabad in April 2015 and had their sentences suspended pending appeal in May 2015S5. SEBI's latest order found, dated 30 November 2023, bars the founder from the market till 14 July 2028S8 and was reported to set disgorgement at Rs 622 croreS7.
Scope. This record covers the accounting fraud disclosed in 2009 and the cases that followed. It does not cover Tech Mahindra, which acquired the company, or the separate Maytas cases.
Claims assessed
4 claims. Scores grade the evidence for each claim, not the organization.- Partly supported76Satyam's books overstated its cash and bank balances by Rs 5,040 crore, as its founder wrote to the board in January 2009.Company statement, 7 January 20094 records citedAccounting
- Unresolved50Lawyers for Satyam's founder told a Hyderabad court in July 2010 that he never wrote the January 2009 confession letter.Press report, 9 March 20153 records citedFraud
- Outdated80SEBI ordered in July 2014 that Satyam's founder and others return Rs 1,849 crore in unlawful gains with interest and barred them from the securities market for 14 years.Press report, 12 May 20175 records citedMarket conduct
- Supported72A Hyderabad court convicted Satyam's founder and nine others in April 2015 and sentenced them to seven years' rigorous imprisonment.Press report, 11 May 20153 records citedFraud
Cases and proceedings
- SEC v. Satyam Computer Services Limited, and In the Matter of PwC India affiliatesUS Securities and Exchange Commission. Regulatory. Press Release 2011-82.Stage: Settled on 5 April 2011.
- Satyam settles fraud charges with a US$10 million penalty. PwC India affiliates agree to a US$6 million penaltyS1
- Central Bureau of Investigation v. B Ramalinga Raju and othersCourt of the Additional Chief Metropolitan Magistrate (special court), Hyderabad, and the Metropolitan Sessions Court, Hyderabad. Criminal. Not published.Stage: Convictions on 9 April 2015. Appeals pending with sentences suspended since 11 May 2015.
- SEBI v. B Ramalinga Raju and other Satyam promotersSecurities and Exchange Board of India, with appeals to the Securities Appellate Tribunal. Regulatory. WTM/AN/SRO/SRO/29840/2023-24 (order of 30 November 2023).Stage: Revised SEBI order dated 30 November 2023. Supreme Court civil appeals of 2017 cited in the order as pending.
Responses on record
- Defence lawyers for B Ramalinga Raju, 9 March 2015, on Lawyers for Satyam's founder told a Hyderabad court in July 2010 that he never wrote the J...
The defence told the court he never wrote the letter and called it a hoax.S3
Revision history
- Profile and 4 assessments first published. Records checked to 25 October 2026.
Source records
- S1Tier A SEC Charges India-Based Affiliates of PWC for Role in Satyam Accounting FraudUS Securities and Exchange Commission. Regulator press release. 5 April 2011.Supports the settlements with Satyam and the PwC India affiliates. It gives no figure for the cash gap and the page read does not state admit or deny terms.
- S4Tier C Hyderabad court dismisses Satyam case convicts' appealThe News Minute. Press report. 21 April 2015.Reports an early petition rejected for lack of jurisdiction on a Monday, 20 April 2015. It gives a fine of Rs 5.5 crore each, which differs from S5. It is not a ruling on the merits.Link working, checked 25 October 2026
- S5Tier C Satyam's Raju, 9 others get bail, sentences suspended by courtBusiness Standard (Press Trust of India). Press report. 11 May 2015.Reports the April 2015 sentence and the May 2015 suspension and bail. It does not cover later appeal hearings.Link working, checked 25 October 2026
- S6Tier C Satyam case: SAT asks Sebi to pass fresh order on Raju's punishmentBusiness Standard (Press Trust of India). Press report. 12 May 2017.Reports the 2014 SEBI order and the May 2017 tribunal remand. The day of the tribunal order is given inconsistently. Its amounts were later replaced.Link working, checked 25 October 2026
- S8Tier A SEBI Order in the matter of Satyam Computers Services LimitedNational Stock Exchange of India (Investigation Department). Regulator order. 1 December 2023.NSE circular 248/2023 forwarding SEBI order WTM/AN/SRO/SRO/29840/2023-24 of 30 November 2023 and listing market bans, including one till 14 July 2028. The part read does not state the final disgorgement figure.Link working, checked 25 October 2026
- S7Tier C Satyam Computer case: Sebi lowers disgorgement amount to Rs 622 croreBusiness Standard. Press report. 1 December 2023.Report by Khushboo Tiwari on the 2018 and 2023 SEBI orders. It does not cover any appeal against the 2023 order.Link working, checked 25 October 2026
- S3Tier C The confession letter Ramalinga Raju wrote in 2009, and later deniedThe News Minute. Press report. 9 March 2015.Reports the July 2010 defence denial. It does not report how the court treated the letter.Link working, checked 25 October 2026
- S2Tier B EX-99.2 Resignation letter from Mr. B. Ramalinga RajuSatyam Computer Services (filed with the US SEC). Company filing. 7 January 2009.The founder's letter as filed by the company. It is his own account, later disputed by his defence.