Satyam case: Raju, others denied bail

Aug 04, 2011 |

Hyderabad

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Satyam founder and former chairman B. Ramalinga Raju and seven other accused were today denied bail by a trial court here in the Rs 14,000-accounting 'fraud' case.

The XXI Additional Chief Metropolitan Magistrate (ACMM) court, which had reserved its order on the bail pleas of Raju and others for today, dismissed their applications after taking into note different aspects with regard to trial.

"Having regard to the circumstances of the case, nature of accusations, nature of charges framed against the petitioners and in view of the circumstances peculiar to the case... I am of the opinion that the petitioners cannot be enlarged on bail," magistrate B.V.L.N Chakravathi observed in his orders and dismissed the bail petitions.

Besides Raju, Satyam's former MD B. Rama Raju, ex-CFO Vadlamani Srinivas, former employees G. Ramakrishna, D. Venkatpathi Raju, Ch. Srisailam, former PWC auditor Subramani Gopalakrishnan and Satyam's then internal chief auditor V.S. Prabhakar Gupta, who are presently under judicial custody had moved the court seeking bail.

The accused had sought bail on the grounds that the trial was not completed before the stipulated time of July 31 and all prosecution witnesses were examined.

The magistrate further said" "... it is not a bail application filed at the stage of investigation in the case... But during the trial of the case which is at the stage of concluding the evidence for prosecution," and added 'with the cooperation of both (prosecution and defence) sides... I have no doubt that trial can be concluded within a reasonable time.'

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