Regulator serves Ramalinga Raju with summons

January 9th, 2009 - 6:36 pm ICT by IANS  

Ramalinga RajuHyderabad, Jan 9 (IANS) Market watchdog Securities and Exchange Board of India (Sebi) Friday served Satyam’s disgraced chief B. Ramalinga Raju with summons, asking him to appear for hearing in connection with a Rs.70-billion accounting fraud.A team of Sebi officials served the summons at Raju’s residence in the upmarket Jubilee Hills. Raju or his family members were not available.

Raju’s lawyer S. Bharat Kumar confirmed to IANS that summons were served and said he would represent Raju at the hearing.

“I am on my way to meet Sebi officials and I will represent my client if the hearing is to take place today (Friday),” he said.

Kumar, however, said Raju would appear before Sebi officials on Saturday. “Mr Ramalinga Raju is very much in Hyderabad but he has some health problems. He will appear for the hearing tomorrow,” he said.

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