Completing a long-drawn legal process, a special court in Hyderabad on Thursday convicted B Ramalinga Raju, chief of erstwhile Satyam Computer Services, and nine others in the Rs 7,000
crore fraud that came to light in January 2009.

In the wake of the scam, the Institute of Chartered Accountants of India (ICAI) had initiated disciplinary action against six of its members for "professional misconduct".

After the court verdict, ICAI President Manoj Fadnis told reporter that involvement of its members in the Satyam scam was a "matter of aberration" and asserted that the institute has robust standards in place.

After finding them guilty of "professional misconduct", ICAI had awarded the maximum punishment of removal of their names from the Register of Members permanently and also
imposed a fine of Rs 5 lakh each on them.

"Disciplinary action was initiated against S Gopalakrishnan and S Talluri, the concerned partners of the statutory audit firm, P Siva Prasad and C Ravindernath, audit incharge(s) from the said audit firm, V Srinivasu, then CFO of Satyam and V S Prabhakara Gupta, head of internal audit department of Satyam," ICAI added in a statement.

Noting that its regulatory mechanism is working assiduously, the institute said disciplinary proceedings were initiated against the concerned members in 2009.

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