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Satyam’s Raju brothers arrested; 5 IPC sections slapped

Satyam’s Raju brothers arrested; 5 IPC sections slapped

Both brothers are arrested under non-bailable sections of the Indian Penal Code; government boots out current Satyam board members, to appoint independent directors within a week.

The 54-year-old Raju, who stepped down as chairman after admitting to the fraud Wednesday, and Rama Raju, who resigned as CEO and MD of the company, were arrested under five sections of the Indian Penal Code—section 120B for criminal conspiracy, section 420 for cheating, section 409 for criminal breach of trust, section 468 for forgery and also section 471 for falcification of records. All the charges are non-bailable offences.