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A US court has dismissed civil claims filed against former independent directors of Satyam Computer in a lawsuit over a one billion dollar accounting fraud.
Hearing the petition, the US District Court Judge Barbara Jones of New York said there were insufficient allegations against the former independent directors and members of Satyam Computer’s audit committee.
India’s biggest ever accounting fraud came to the light in January 2009 when Satyam Computer’s founder and then
Chairman B Ramalinga Raju admitted to having overstated the company’s financials by more than one billion dollar and other wrong doings at the firm.