Raju brothers bail plea to be heard Monday (lead)

January 16th, 2009 - 7:24 pm ICT by IANS  

Ramalinga RajuHyderabad, Jan 16 (IANS) Satyam Computer Services’ disgraced founder B. Ramalinga Raju and his brother B. Rama Raju will have to spend three more days behind bars as a court here deferred a decision on their bail plea for Monday.The court will give its decision Saturday on the police plea to hand over Raju, Rama Raju, who was Satyam’s managing director, and Satyam’s former chief financial officer Vadlamani Srinivas into their custody for interrogation.

On Monday, the court will hear, apart from Rajus’ bail plea, the appeal of India’s market regulator Securities and Exchanges Board of India (SEBI) to question Ramalinga Raju.

Laywers for the Raju brothers and Srinivas argued against handing over the three to the police, saying there was no ground for it.

“Whatever the three had to tell the police, has been told. The police have also not made out a case for taking the three into its custody,” they said.

Ramalinga Raju resigned as Satyam chairman on Jan 7 after admitting to the country’s biggest financial fraud of Rs.70 billion (Rs.7,000 crores). He and his brother were arrested Jan 9 and sent to judicial custody till Jan 23.

The Rajus moved the court for bail Jan 12. Srinivas was arrested Jan 10.

All three are lodged in Chanchalaguda jail here.

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