Thursday, January 28, 2010

Once a billionaire, Raju declared pauper


Once a billionaire, Raju declared pauper
Thursday,28 January 2010, 07:28 hrs

New York: Ramalinga Raju, Former Chairman of Satyam Computers, who had confessed about inflating his company's assets by over $1 billion, has been declared a 'pauper' by New York judge Barabara S Jones. With this declaration, Raju has been exempted from paying court costs.

The court also approved 'pauper' status for Ramalinga's brother Rama Raju, Satyam's former chief executive officer, and Srinivas Vadlamani. The defendants had filed an "in forma pauperis" and for the appointment for a pro bono counsel in October 2009, reports PTI.

According to the documents submitted in the court, the accused said that they are unable to engage an attorney in the U.S. to defend (themselves) in the class action litigation and to pay any court fees or to meet any financial obligations which might be imposed by this court. U.S. District Judge Jones said, "The court finds that defendants have adequately demonstrated that they are unable to pay costs as described in the federal law."

However, the court denied the request for a pro bono counsel as the defendants are incarcerated in a foreign country and it would be unusually difficult for the appointed counsel to meet and otherwise competently represent Defendants under the circumstances.

No comments:

Post a Comment