Raju brothers, Srinivas bail plea dismissed

January 28th, 2009 - 6:03 pm ICT by ANI  

Ramalinga Raju

Hyderabad, Jan. 28 (ANI): A city court on Wednesday rejected the bail plea of Satyam’’s tainted founder Ramalinga Raju, former managing director Rama Raju and former CFO Vadlamani Srinivas.
The hearing of separate petition related to the bail application and police custody of SRSR Holding general manager Gopala Krishna Raju is scheduled for Thursday.
Ramalinga Rajus held stakes in Satyam through SRSR Holding, which is promoted by Rajus family.
Ramalinga Raju, Rama Raju and Srinivas will remain in judicial custody till January 31.
Earlier, Raju filed a revision petition in Andhra Pradesh High Court against his police custody.
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. (ANI)

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