21 Jan 2009
MUMBAI: A city-based lawyer has filed a complaint before a magistrate here seeking legal action against former Satyam Chairman B R Raju, the former board of directors of the company and senior officials of accounting firm PriceWaterhouse Coopers (PwC) for "cheating investors" by manipulating accounts of the IT major.
The complainant has said that he had bought 500 shares of Satyam about three weeks prior to Raju admitting to manipulation in company accounts for showing higher profits, following which Satyam's share value dropped drastically.
The complaint has been filed against 32 individuals before the Chief Metropolitan Magistrate at Esplanade court here including senior officials of PwC and former directors on the board of Satyam.
Action should be initiated against the accused under relevant sections of the IPC for cheating investors, C Anthony Lewis, the complainant said.
"The complaint has been filed since I do not believe that the Hyderabad police version that only three persons are responsible for carrying out this corporate fraud. The others involved should also be brought to book," he said.
The complainant has also said that he did not have faith in the Mumbai police, which is also looking into two applications for complaints filed by investor forums against the IT firm, because of which he had approached the court.
The court, after hearing arguments, has kept the matter for orders on January 28.
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