Satyam Computer is carrying a liability of Rs 1,230 crore (Rs 12.3 billion) on account of loans taken from NBFCs, which were partly repaid by pledging of shares by tainted founder chairman of B Ramalinga Raju and his family members, says the CBI chargesheet.
'It is revealed that an amount of Rs 1,425 crore (Rs 14.25 billion) out of Rs 1,744 crore (Rs 17.44 billion) loan obtained from NBFCs was transferred to the bank accounts of SCSL (Satyam Computer Services Ltd) by 37 companies as a loan over a period ranging from November 17, 2006 to October 30, 2008 to meet the expenses of the Satyam Computer Services Limited.
'Out of this amount, Rs 194 crore (Rs 1.94 billion) was returned by SCSL during October and November 2008 to 15 out of the 37 companies. Thus, there is still an outstanding liability of Rs 1,230 crore (Rs 12.3 billion). This aspect clearly reflected the financial condition of the SCSL,' the CBI said in its chargesheet.
The CBI claimed that a total of 327 companies were incorporated from 1999 to 2008 from time to time by Ramalinga Raju, B Rama Raju along with their family members.
Out of these, 83 companies belong to Ramalinga Raju, his wife B Nandini Raju and sons B Teja Raju and B Rama Raju (Junior), 78 companies to B Suryanarayana Raju, his wife B Jhansi Rani and their children B Purnima and B Satayanarayana Raju, 86 companies to B Rama Raju, his wife B Radha and their children Deepti and Rahul Raju.
The remaining 80 companies belonged to other members of the family and trusted employees, the CBI said.
The CBI alleged that an exclusive company, SRSR Advisory Services Private Limited, with B Suryanarayana Raju as the director, was floated for the purpose of doing the accounting and advisory services with regard to these companies.
SRSR Holdings, which had been holding the shares of promoters since 2006, began pledging the shares as collateral security with various non-banking financial companies on behalf of the companies raised by Ramalinga Raju and Rama Raju and their near relatives and a total of Rs 1,744 crore (Rs 17.44 billion) was received from these financial institutions.
As some of these companies which received the loans could not repay these financial institutions and sold the shares pledged as collateral by SRSR Holdings in the open market and settled their outstanding liability.
By indulging in activities of selling shares either directly in market or through the investment companies, and raising loans by pledging the shares over the years, the percentage of shares held by the promoters declined from 18.78 per cent in 1992 to 1.87 per cent on December 31, 2008.