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Court reserves order on bail applications of Raju brothers
March, 25th 2009

A local court has deferred its order on bail applications of Satyam's former chairman B Ramalinga Raju and two others to March 28.

The designated CBI court also reserved the orders on granting permission again to the Serious Fraud Investigation Office (SFIO) which had earlier in February recorded the statement of Raju, his brother Rama Raju, company's former CFO V Srinivas, and the two sacked auditors of PwC.

The court will also give its order on a plea by the Institute of Chartered Accountants of India (ICAI) seeking permission to record the statements V Srinivas and PwC auditors S Gopalakrishnan and T Srinivas,

ICAI in its petition filed has sought permission of the court to examine and record the statements of three chartered accountants, including V Srinivas, to find out if any misconduct on their part while discharging their duties.

Opposing the bail plea, CBI counsel B Ravaindranath said the investigation is at a crucial stage and granting bail to the accused may hamper the on-going investigation.

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