No bail for Satyam’s Raju, others
30 Aug 2011
The Andhra Pradesh high court has dismissed the bail petitions of B Ramalinga Raju and seven others accused in the Satyam Computer Services accounting fraud, said to be the biggest scam in Indian corporate history.
Arguments on the bail petitions had already been completed on Saturday. Justice Samudrala Govindarajulu, who is hearing the case, today said all the bail applications were dismissed.
Of the 10 accused in the case, Ramalinga's brother B Suryanarayana Raju, T Srinivas, a former auditor of PricewaterhouseCoopers (India), were granted bail by different courts earlier.
The rest are all lodged in Hyderabad's Chanchalguda Central Prison.
Apart from the three Raju brothers (including Satyam's former managing director B Rama Raju), the others still in jail are Satyam's ex-chief financial officer Vadlamani Srinivas, employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, chief internal auditor V S Prabhakar Gupta,and PWC auditor Subramani Gopalakrishnan; all of whom have lost their jobs.
The accused had sought bail on the grounds that the trial in the Satyam scam was not completed within the Supreme Court-stipulated timeline of 31 July, and that all the prosecution witnesses had already been examined by investigating authorities.
