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P. NAVEEN RAO, NAGESH BHEEMAPAKA
B. Ramalinga Raju, S/o. B. Satyanarayana Raju – Appellant
Versus
Price Waterhouse – Respondent
ORDER :
P Naveen Rao, J.
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 07.01.2009 Sri B.Ramalinga Raju, the then Chairman-cum- Managing 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.
4. As assessed by these Authorities, the complexity of the fraud far exceeds the confession in the letter dated 07.01.2009. According to
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