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Apex cour seeks CBI reply on Satyam founders bail plea
October, 22nd 2011

The Supreme Court Friday issued notice to the Central Bureau of Investigation (CBI) in the bail plea of erstwhile Satyam Computers Services Ltd founder chairman B. Ramalinga Raju, his brother Rama Raju and former Chief Financial Officer Vadlamani Srinivas.

The Supreme Court on Friday sought a response from the Central bureau of investigation (CBI) on the bail pleas of Satyam founder B Ramalinga Raju and his brother B Rama Raju, arrested in connection with the multi-crore accounting fraud.

A bench of Justices from  the apex court Dalveer Bhandari and Dipak Misra issued notice to the Central Bureau of Investigation for November 3.

Senior counsel Ashok Desai, appearing for Raju brothers, sought interim relief which was refused by the court bench by saying that they had approached the court late on the day.
Why you delayed in filing the petition, the bench asked after Desai made the plea that five of the co-accused had already been granted bail on October 12.

CFO moves to court

Former Chief Financial Officer Vadlamani Srinivas of the firm also moved the court seeking bail.

Of the ten accused in the case, Satyams founder B Ramalinga Raju, his younger brother B Suryanarayana Raju and former PWC auditor T Srinivas have already been granted bail by different courts earlier.

For his alleged role in the accounting fraud, Satyam founder Ramalinga Raju had been arrested first in January 2009 but his bail was cancelled in October last year by the Supreme Court giving him a jolt.

Another application

While cancelling his bail plea, the apex court had stipulated that the accused would file another bail application only after July 31, 2011, if the trial in the controversial case is not completed in the local court within time.

Following cancellation of his bail on Central Bureau of Investigations plea, Raju had surrendered on November 10, last year, before a Hyderabad court adjudicating the countrys biggest corporate fraud, allegedly to the tune of Rs 14,000 crore. 

 
 
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