Satyam case: Hyderabad court dismisses bail plea of Raju brothers, Srinivas

February 18th, 2009 - 7:49 pm ICT by ANI  

Ramalinga Raju

Hyderabad, Feb 18 (ANI): A city court in Hyderabad today dismissed the bail petitions of Satyam founder B Ramalinga Raju, his brother Rama Raju and former CFO V Srinivas, all of them whom are lodged in the Chanchalguda Jail here.
The sixth Additional Chief Metropolitan Magistrate dismissed the bail petitions.
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.
On Tuesday, Minister of Corporate Affairs Prem Chand Gupta said the government has ordered the Central Bureau of Investigation (CBI) to probe the accounting fraud in IT major Satyam Computer Services Ltd.
“While the Serious Fraud Investigation Office (SFIO) under his ministry had been given three-months to wrap up its probe into the Satyam scam, no time frame has been set for CBI,” Gupta said.
He refused to launch an investigation into accounts of the companies audited by Price Waterhouse, the statutory auditors for Satyam.
Andhra Pradesh Police on Monday issued an order recommending a CBI probe into the scam. (ANI)

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