Raju, others denied bail in Satyam scam
August 4th, 2011 - 4:57 pm ICT by IANS
Hyderabad, Aug 4 (IANS) A city court Thursday rejected the bail petition of B. Ramalinga Raju, former chairman of Satyam Computers, and seven other accused in India’s biggest corporate fraud case.
The XXI Additional Chief Metropolitan Magistrate B.V.L.N. Chakravarthi, who had reserved his orders on the bail pleas two days ago, Thursday refused to grant bail to the accused.
Besides Raju, his brother and Satyam’s former managing director B. Rama Raju, former chief financial officer Vadlamani Srinivas, former internal chief auditor V.S. Prabhakar Gupta, former employees G.Ramakrishna, D.Venkatpathi Raju, Ch. Srisailam and former PriceWaterhouseCoopers auditor S. Gopalakrishnan also had moved the bail petitions.
Satyam founder and prime accused in the case, Ramalinga Raju and other accused appeared before the court and they were later escorted back to Chanchalguda Central Jail.
Raju and others had moved the bail petitions Monday on the ground that the trial was not completed before July 31 as stipulated by the Supreme Court.
The apex court in October last year, while cancelling the bail granted by the high court to Raju and others, had ruled that they were free to approach the trial court for bail if the trial was not completed before July 31.
The Central Bureau of Investigation (CBI) opposed the fresh bail petitions at the crucial stage of the trials, saying the accused might influence the witnesses and tamper with the evidence.
CBI counsel K. Surender had informed the court that the prosecution has already deposed all its 226 witnesses and presented more than 1,000 documents as evidence. He argued that since the CBI was yet to fully probe fund diversion, bail to the accused may hamper the investigations and trial.
Raju had shocked corporate India in January 2009 by confessing to a scam worth over Rs.7,000 crore.
Police had booked 10 people, including Raju. His another brother B. Suryanarayana Raju, who is neither a director nor an employee of the IT firm, had secured anticipatory bail. PriceWaterhouseCoopers auditor Talluri Srinivas was released on bail by the Supreme Court.
- Satyam's Ramalinga Raju, two others get bail - Nov 04, 2011
- Satyam case: no bail for Raju, seven others - Aug 30, 2011
- Satyam Ramalinga Raju released on bail - Nov 05, 2011
- Satyam scam: Examination of Raju, others adjourned to July 26 - Jul 23, 2010
- Court dismisses pleas for postponing Satyam trial - Sep 24, 2010
- Five accused in Satyam scam get bail (Lead) - Jul 20, 2010
- Satyam scam accused allowed to use computer in jail - Jun 25, 2010
- Satyam scam: Court dismisses discharge plea of nine accused - Oct 25, 2010
- Satyam case: Apex court notice to CBI - Oct 21, 2011
- Supreme Court cancels bail of Raju, five others (Second Lead) - Oct 26, 2010
- Satyam case: Supreme Court grants bail to five - Oct 13, 2011
- Judicial remand of Satyam accused extended till July 8 - Jun 24, 2009
- Satyam case: Apex court notice to CBI on Raju's bail plea (Second Lead) - Oct 21, 2011
- Ramalinga Raju, five others surrender before trial court - Nov 10, 2010
- Court approves action against two auditors for Satyam lapses - May 31, 2011
Tags: apex court, b rama raju, bail pleas, cbi, central bureau of investigation, central jail, chief auditor, corporate fraud, corporate india, fraud case, fund diversion, gopalakrishnan, gupta, magistrate, prabhakar, ramalinga, satyam computers, srisailam, surender, suryanarayana