Court reserves orders on SEBI plea

February 17th, 2009 - 10:01 pm ICT by IANS  

Ramalinga RajuHyderabad, Feb 17 (IANS) A city court has reserved for Wednesday its orders on a petition by the market regulator, Securities and Exchange Board of India (SEBI), to question Satyam Computers’ former chief financial officer (CFO) Vadlamani Srinivas and two former auditors.
Sixth Additional Chief Metropolitan Magistrate D. Ramakrishna reserved the orders after hearing the arguments from both sides.

SEBI, which has already interrogated Satyam’s former chairman B. Ramalinga Raju and his brother B. Rama Raju in jail, had last week moved the court for permission to quizz three other accused.

Mastan Naidu Cherukuri, counsel for the former auditors from PriceWaterhouse, said the auditing firm did not have any objection to SEBI recording the statements.

S. Gopalakrishnan and Talluri Srinivas allegedly colluded with Ramalinga Raju and others to fudge the accounts.

All the five, accused in the Rs.78-billion (Rs.7,800 crore) accounting fraud, are currently lodged in Chanchalguda central jail here.

The court will also rule Wednesday on the plea of income tax department to question Ramalinga Raju for three days.

Also, the magistrate will pronounce orders Wednesday on the fresh bail pleas of the Raju brothers and former CFO Srinivas.

Their earlier petitions were dismissed Jan 28.

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