India Arrests Satyam Execs, Names New Board

Law360, New York (January 12, 2009, 12:00 AM EST) -- Indian authorities have arrested the brothers who co-founded Satyam Computer Services Ltd. and tapped three new directors to run the leading outsourcing vendor just days after one brother released a tell-all letter admitting to massive accounting fraud.

B. Ramalinga Raju and B. Rama Raju were arrested Saturday on charges of criminal conspiracy, forging accounts and cheating in connection with the misconduct that Ramalinga Raju described in his letter last week, according to widespread news reports.

Srinivas Vadlamani, the Satyam chief financial officer who resigned after the...
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