Heartbroken investors who were lured by the global reputation of Satyam and chose the scrip hoping to make a future out of it would have some relief if the government, Union or Andhra Pradesh, sets up a special court to deal with cases relating to the Rs7,136-crore financial scam by the Raju brothers and directors and auditors of the broken company.

A special court is not unknown. The Centre set one up via an ordinance seven years ago to deal with cases relating to the Rs3200-crore securities scam.

A speedy trial, preferably at a low cost or free of cost, is a fundamental right of any person who is alleged to have fallen victim to government negligence. In criminal cases, the government is under constitutional obligation to provide a lawyer to the accused, for it is stipulated that no one shall be condemned without a hearing.

The Satyam scam is altogether a different scenario in which the accused #fleeced vulnerable retail investors living under the impression that the Securities and Exchange Board of India (Sebi) wouldnt allow any listed company to defraud.

It is worthwhile suggesting here that a provision to set up a special court exclusively for the Satyam fraud might not face any legal hurdle. The supreme court (SC) did uphold the powers vested in special courts for the securities scam.

SC had held that the securities cam special court was vested with all powers of a sessions court (for criminal allegations) or that of a magistrate, including the power to pardon. "The special court has all the powers of a court of sessions and/or magistrate, as the case may be, after the prosecution is initiated or transferred before that court," justices SP Bharucha, YK Sabharwal and Brijesh Kumar said.

The securities scam special court set up in 1992 comprised one or more sitting high court judges, nominated by the chief justice of the HC concerned, with the concurrence of CJI. Moreover, the special court enjoys the power of a civil judge for adjudicating on revenue liabilities of the accused arrested in the extraordinary scam.

There is a backlog of 2.52 crore cases, mostly in trial and high courts. The litigant-judge ratio is far from satisfactory. Cynics dont mind saying the dispensation benefits those who get bail in criminal cases or stay in civil cases.
Source : Central