B.RAMALINGA RAJU Vs. M/S. PRICE WATERHOUSE

JUDGEMENT

(1.) Heard learned senior counsel Sri V Ravinder Rao for revision petitioner; learned senior counsel Sri Sunil B.Ganu for first respondent and learned senior counsel Sri K.Vivek Reddy for second respondent.

(2.) On 7/1/2009 Sri B.Ramalinga Raju, the then Chairman-cumManaging Director of the then Satyam Computer Services Limited (for short 'SCSL') released a letter addressed to the Board of Directors of SCSL revealing for the first time the financial mismanagement and several illegalities in operations of SCSL. The Price Water House, the plaintiff in OS.No.43 of 2012 was the statutory auditor to SCSL from April 2000 to February 2009.

(3.) According to plaintiff, the letter written by Sri Ramalinga Raju was shocking. However, it did not provide any details whatsoever, regarding deep complexity of the scheme, the then Chairman cum Managing Director and other Directors have orchestrated. The Regularity Authorities had to conduct detailed investigation spread over three years to unearth the deep fraud committed by the Directors of SCSL.