Satyam case: Apex court notice to CBI on Raju’s bail plea (Second Lead)

October 21st, 2011 - 9:46 pm ICT by IANS  

Ramalinga Raju New Delhi, Oct 21 (IANS) The Supreme Court Friday issued notice to the Central Bureau of Investigation (CBI) in the bail plea of erstwhile Satyam Computers Services Ltd founder chairman B. Ramalinga Raju, his brother Rama Raju and former Chief Financial Officer Vadlamani Srinivas.

The accused in the one of corporate India’s biggest frauds face charges of fudging company accounts and showing inflated profits. The surfacing of the scam and consequent collapse of the company left lakhs of shareholders and others in the lurch.

Justice Dalveer Bhandari and Justice Dipak Misra issued the notice after the bench was told that five other accused in the case had been granted bail.

The apex court had Oct 12 granted bail to five accused in the case that included the firm’s former senior manager V. Venkatapathy Raju, former assistant manager C.S. Srisailam, former vice-president G. Ramakrishna, former internal audit head V.S. Prabhakar Gupta and PricewaterhouseCoopers (PwC) employee Subramani Gopalakrishnan.

The apex court, which granted bail to five, had told the CBI, “You have to be reasonable in your approach. You have a lot of responsibility on you. You have to have some impartiality in your approach.”

Senior counsel Uday Kumar Sagar pleaded that there was no necessity to keep the three petitioners in jail after they had already been in custody for two-and-a-half years.

The charges levelled against them attract a maximum sentence of seven years if proven, Sagar told the court.

The accused would cooperate in the ongoing trial and in the investigation of the case, he added. The CBI is also investigating the laundering of money abroad by the accused.

It may be recalled that the apex court, by its order of Oct 26, 2010, had cancelled the bail of Ramalinga Raju, his brother Rama Raju and four others on an appeal by the Central Bureau of Investigation (CBI).

Ramalinga Raju was granted bail by the Andhra Pradesh High Court Aug 18, 2010. Five others, including his brother Rama Raju, were granted bail by the high court July 20, 2010.

The apex court, by its order of October 26, 2010, had directed the trial court to complete trail by July 31, 2011.

It further said, in case the trial was not completed by July 31, 2011, Ramalinga Raju and other accused would be at liberty to approach the high court for bail.

The matter will be heard Nov 3.

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