Satyam Co-Founder B Ramalinga Raju's Bail Petition Deferred To January 22
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The district court in Hyderabad deferred the bail plea of B Ramalinga Raju, the disgraced co-founder of Satyam Computer Services, till January 22. Apart from it, the court also postponed the hearings on SEBI's petition of recording the statements of the accused to the same date. The Andhra police had arrested Ramalinga Raju, his brother Rama Raju and Satyam CFO Srinivas Vadlamani on charges of Rs 7,000-crore fraud at the software company.
All the alleged officials of scam-tainted Satyam Computer were booked on non-bailable charges under IPC sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust), 468 (forgery) and 471 (falsification of records). Ramalinga Raju and his brother were taken into police custody on January 9 while Satyam former CFO, Vadlamani got arrested on January 10. The three accused persons are locked in Chanchalguda jail and have been termed ‘C’ category inmates.
A petition has been filed with the sixth additional metropolitan magistrate to provide special facilities to Raju and his fellow inmates at Chanchalguda jail by Satyam's counsel S Bharath Kumar. The district court also deferred the hearings of the filed petition till January 22. During his resignation from Satyam Computer, B Ramalinga Raju admitted huge amount of financial fraud done to inflate the profits of the IT company.
The aftermath of his confession brought disaster for Satyam as it got de-listed from Bombay Stock Exchange and the government sacked all the board members of the company. The Hyderabad-based IT company is currently in such a pathetic situation that it is unable to pay the salaries of its employees. To add salt to the wounds, the government of India has also denied any bail out package for the beleaguered Satyam Computer.
All the alleged officials of scam-tainted Satyam Computer were booked on non-bailable charges under IPC sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust), 468 (forgery) and 471 (falsification of records). Ramalinga Raju and his brother were taken into police custody on January 9 while Satyam former CFO, Vadlamani got arrested on January 10. The three accused persons are locked in Chanchalguda jail and have been termed ‘C’ category inmates.
A petition has been filed with the sixth additional metropolitan magistrate to provide special facilities to Raju and his fellow inmates at Chanchalguda jail by Satyam's counsel S Bharath Kumar. The district court also deferred the hearings of the filed petition till January 22. During his resignation from Satyam Computer, B Ramalinga Raju admitted huge amount of financial fraud done to inflate the profits of the IT company.
The aftermath of his confession brought disaster for Satyam as it got de-listed from Bombay Stock Exchange and the government sacked all the board members of the company. The Hyderabad-based IT company is currently in such a pathetic situation that it is unable to pay the salaries of its employees. To add salt to the wounds, the government of India has also denied any bail out package for the beleaguered Satyam Computer.
Yes Raju is a big cheat. He should be hitten with rotten eggs.
ReplyDeleteHit a rotten egg on Rajus face.