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Hyderabad, Jan. 10: Audit firm Price Waterhouse has filed a suit against B. Ramalinga Raju, former chairman of Satyam, and others, claiming damages of Rs 100 crore for “deliberately” concealing key information that led to a Rs 7,500-crore accounting fraud.
A day after Tech Mahindra-acquired Satyam (now, Mahindra Satyam) filed a suit against its former board of directors, certain employees and Price Waterhouse, seeking damages for perpetrating a fraud three years ago, PW officials revealed they had already filed a similar suit in the Andhra civil court against the software firm on January 7, 2012, two days ahead of the move by Mahindra Satyam.
“We have sued them for minimum compensation and damages of Rs 100 crore, arising from the carefully and deliberately concealed fraud designed to mislead the auditors by providing deliberately false information and documents,” said a source in the audit company.
The civil suit is against Satyam and its former senior management — Ramalinga Raju, Rama Raju, G. Rama Krishna, Vadlamani Srinivas, Srisailam Chetkuru and D Venkatapathi Raju.
In a BSE filing on Monday, Mahindra Satyam had said the company had filed a suit in the city civil court, Hyderabad, seeking damages from PW and former Satyam Board for “inter-alia perpetrating fraud, breach of fiduciary responsibility, obligations and negligence in performance of duties”.
Last year, Mahindra Satyam had agreed to pay $125 million (over Rs 587 crore) in an out-of-court settlement to end a bunch of class action suits filed in the US.
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