Decision on regulator’s plea to grill Raju ThursdayJanuary 21st, 2009 - 7:48 pm ICT by IANS
Hyderabad, Jan 21 (IANS) A city court will Thursday pronounce its orders on a petition by market regulator Securities and Exchange Board of India (SEBI) to question disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju.SEBI has already moved a petition seeking the court’s permission to question Raju, who quit as company head Jan 7 while admitting to a Rs.70-billion (Rs.7,000-crore/$1.43-billion) fraud.
The sixth additional chief metropolitan magistrate Jan 16 heard the arguments of both sides on SEBI’s petition and set Jan 19 for issuing the order. However, as the court remanded Raju to police custody the next day for four days, the case was adjourned to Jan 22.
SEBI counsel had argued that the market watchdog wanted to question Raju to gather more evidence about the statement he made Jan 7, while Raju’s lawyer had contended that no purpose would be served by his appearing before SEBI as all the documents were already seized from Satyam office and that his client had no access to the records to answer SEBI’s questions.
SEBI believes Raju is trying to avoid grilling by the market watchdog. It served summons with Raju Jan 9 and his lawyer announced that he would appear the next day. However, a few hours later, Raju surrendered before the CID, denying SEBI an opportunity to question him.
The police custody of Raju, his brother and former managing director B. Rama Raju and former chief financial officer of the company Vadlamani Srinivas ends Thursday. The Crime Investigation Department (CID), which is probing the fraud, questioned the accused.
The court will also take up hearing on the bail petition of the accused and is also likely to pronounce orders on their petition for special status in jail.
The magistrate had remanded the Raju brothers and the former CFO to judicial custody till Jan 23. They are likely to be produced in the court on Friday as the prosecution will seek extension in judicial custody.
- CID seeks three-day extension of Raju's custody (Lead) - Jan 21, 2009
- Andhra High Court dismisses Raju's revision petition (Lead) - Jan 19, 2009
- Hearing on Raju's bail petition adjourned to Thursday - Jan 19, 2009
- Third day of questioning for Satyam's Raju - Jan 20, 2009
- CID takes custody of Rajus, begins grilling - Jan 18, 2009
- Rajus sent back to jail, SEBI plea dismissed (Roundup) - Jan 23, 2009
- Satyam's Raju brothers, former CFO in police custody for four days (Second Lead) - Jan 17, 2009
- Former Satyam financial official sent to jail - Jan 11, 2009
- Court adjourns hearing on SEBI plea on Satyam fraud - Jan 29, 2009
- Hearing on Raju's bail petition adjourned to Friday - Jan 12, 2009
- Supreme Court allows SEBI to quiz Satyam's Raju brothers (Third Lead) - Feb 03, 2009
- Market regulator may finally get to grill Satyam ex-chief - Jan 15, 2009
- Ramalinga Raju, 4 others sent to CBI custody - Mar 09, 2009
- Market regulator grills Raju brothers in jail (Lead) - Feb 04, 2009
- Raju brothers remain in jail, bail plea to be heard Monday (Second Lead) - Jan 16, 2009