SEBI team to quiz Satyam’s Raju brothers from Wedensday (Lead)

February 3rd, 2009 - 6:53 pm ICT by IANS  

Ramalinga RajuNew Delhi/Hyderabad, Feb 3 (IANS) The Supreme Court Tuesday allowed the market regulator to interrogate Satyam founder B. Ramalinga Raju and his brother B. Rama Raju over the Rs.70 billion (Rs.7,000 crore) fraud. The two have decided not to challenge the ruling.A bench of Chief Justice K. G. Balakrishna, Justice P. Sathasivam and Justice J.M. Panchal allowed a team of the Securities and Exchange Board of India (SEBI) to go to Chanchalguda jail in Hyderabad, where the Raju brothers are lodged, and interrogate them over three days - Feb 4-6.

The SEBI team will be led by general manager Sunil Kumar.

“They (the Raju brothers) will not challenge the decision. They will cooperate with SEBI in investigation,” their lawyer S. Bharat Kumar said in Hyderabad.

He said he will move a fresh application Wednesday for the bail of the Raju brothers and former Satyam chief financial officer Vadlamani Srinivas before Sixth Additional Chief Metropolitan Magistrate D. Ramakrishna.

The judge had earlier rejected the bail plea of the three and extended their judicial custody till Feb 7.

The Raju brothers were arrested Jan 9, two days after Ramalinga Raju publcly confessed to the country’s biggest corporate financial fraud. Srinivas was arrested two days later.

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