Supreme Court to hear SEBI’’s plea

February 3rd, 2009 - 11:57 am ICT by ANI  

Ramalinga Raju

New Delhi, Feb 3 (ANI): The Supreme Court will hear a petition filed by the Securities and Exchange Board of India (SEBI) seeking permission to grill Ramalinga Raju, former chief of embattled Satyam Computer Services Limited.
Goolam E. Vahanvati, Solicitor General and also Counsel for SEBI, submitted the request before a Bench headed by Chief Justice K G Balakrishnan on Monday.
On January 31, a judge of a trial court in Hyderabad had adjourned to February 9, the hearing of petition of the SEBI to interrogate Ramalinga Raju. The court said it would not pass an order without hearing from Raju and his brother B Rama Raju. On January 7, Ramalinga Raju confessed to fraudulent manipulation to the tune of rupees 7,136 crores over several years by inflating the company’’s profits and assets.
Although the Satyam scandal, India’’s biggest corporate fraud, has shattered global confidence in India’’s corporate governance, the other IT companies have assured the rest of the world that all relevant services are professionally and ethically in order and as such there should be no room for any doubt about the professional integrity of Indian companies. (ANI)

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