They were also found guilty of using forged documents, falsifying accounts and concealing evidence.
Federal investigators said the fraud by Raju and the others cost the company's shareholders 140 billion rupees ($2.28 billion).
Raju and other suspects were arrested in 2009, but released on bail subsequently while they awaited trial.
Satyam — which means "truth" in Sanskrit — was once India's fourth-largest software services company, counting a third of Fortune 500 companies and the U.S. government among its clients. It plunged into turmoil after Raju confessed in 2009 that he vastly inflated the company's assets by exaggerating cash balances Wholesale Buffalo Sabres Jerseys , booking fake interest, and misstating both debt and liabilities.
Tech Mahindra, a unit of the Mahindra Group, bought a majority stake in the company for $351 million and changed its name Mahindra Satyam in 2010.
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