Satyam directors acted as 'rubber stamp'

MUMBAI: The directors on the board of scam-tainted Satyam Computer acted as "rubber stamps" and "not even a single dissent note was recorded" during the board meetings, a CBI official said on Saturday.

"Meetings were conducted in a perfunctory manner. The promoters were always present to influence the decision. There were no open discussions," RBI General Manager, currently on deputation with the CBI, J L Negi said at a CBI Workshop here.

The multi-billion Satyam scam, which shook the country in early 2009, washed away over Rs 14,000-crore money from the investors' kitty while the accused Ramalinga Raju and his relatives made a handsome Rs 2,700 crore through fraudulent dealings in shares, he said.

The investigators had found involvement of many Satyam top-brass and its auditors in the fraud. The case is being heard in a court in Hyderabad.

Apart from Ramaliga Raju, other accused include -- Ramaraju, V Srinivas, Gopalakrishnan, T Srinivas, B Suryanarayana Raju, G Ramakrishna, D Venkatapathi Raju, Srisailam Chetkuru and V S P Gupta.