Andhra Pradesh HC rejects ex-Satyam chief Raju’’s revised petition

January 19th, 2009 - 8:03 pm ICT by ANI  

Ramalinga Raju

Hyderabad, Jan 19 (ANI): The Andhra Pradesh High Court on Monday rejected a revision petition filed by Satyam Computer Services former Chairman B. Ramalinga Raju against his police custody.
The petition was dismissed by divisional bench comprising Justices Seethapathi and Swarupa Rani.
Ramalinga Raju, his brother Rama Raju and company’’s Chief Financial Officer Vadlamani Srinivas moved the High Court this morning. They were formally taken into police custody for four days and were grilled by Crime Investigation Department (CID) sleuths.
Earlier in the day, a Hyderabad court fixed January 22 as the next date for hearing the bail plea of Ramalinga Raju.
A court also deferred SEBI petition seeking permission to question Ramalinga Raju till the same date.
Police stepped up their investigation into the case, having charged Ramalinga Raju and B. Rama Raju with criminal conspiracy and forgery after Raju admitted profits had been falsified for years and quit.
A case has been filed against Raju under Sections 120-B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC.
Raju had disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed.
The company’’s scrip has fallen nearly 80 per cent since the revelation was made. (ANI)

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