Tuesday, October 26, 2010

Satyam scam: SC cancels bail granted to Ramalinga Raju

The Supreme Court cancelled the bails granted to Satyam Computer founder B Ramalinga Raju, his brother B Rama Raju and four others by the Andhra Pradesh High Court in the Rs 14,000-crore accounting fraud.
Hearing the CBI plea, a Supreme Court bench comprising Justices Dalveer Bhandari and Deepak Verma cancelled the bails and asked all six persons to surrender by November 8.

Observing that the case involved the biggest scam in the history of India, which had affected large number of shareholders, banks and financial institutions, the bench said that the High Court order of grating bail cannot be sustained.
The SC also directed the special court in Hyderabad, which is conducting the trial in the Satyam case, to conclude its proceedings by July 2011.
Earlier this month, the bench had issued a notice to Raju, directing him to file his reply on CBI's plea

No comments:

Post a Comment