Satyam Rajus bail plea dismissed

January 28th, 2009 - 5:39 pm ICT by IANS  

Ramalinga RajuHyderabad, Jan 28 (IANS) A court here Wednesday dismissed the appeal of Satyam Computer Services disgraced founder B. Ramalinga Raju, his brother B. Rama Raju and the company’s former chief financial officer Vadlamani Srinivas for bail in the Rs.70 billion (7,000 crore) fraud case.S. Bharat Kumar, lawyer for the Rajus, said his clients have the option to move the same court again for bail or appeal to a higher court.

“We will take a decision in the next two days,” he said after the sixth additional chief metropolitan magistrate D. Ramakrishna rejected the bail plea.

The three have been in judicial custody which expires Jan 31.

Ramakrishna reserved for Thursday orders on the police appeal for custody of Gopalakrishna Raju, former general manager of SRSR Advisory Services floated by the Raju family to manage their stake in Satyam.

He will also rule Thursday on Gopalakrishna Raju’s bail plea.

Ramalinga Raju was arrested Jan 9, two days after he confessed to the country’s biggest corporate scam of Rs.70 billion. His brother Rama Raju who was managing director of Satyam was also arrested the same day.

Vadlamani Srinivas was picked up two days later.

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