Raju’’s bail petition hearing today

January 19th, 2009 - 11:45 am ICT by ANI  

Ramalinga Raju

Hyderabad, Jan 17 (ANI): The Hyderabad court will today hear the bail plea of Satyam Computer’’s former Chairman Ramalinga Raju.

The court will also hear the bail plea of Ramalinga Rajus brother Rama Raju and company’’s Chief Financial Officer Vadlamani Srinivas.

All are in judicial custody till January 23 and have been lodged in the Chanchalguda Central Prison.

Besides, a court will take up a SEBI petition seeking permission to question Ramalinga Raju.

On Sunday, Rajus and Vadlamani were formally taken into police custody and were grilled by Crime Investigation Department (CID) sleuths.

Meanwhile, 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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