SC cancels bail granted to Raju and five other accused
By siliconindia   |   Wednesday, 27 October 2010, 01:41 IST
Printer Print Email Email
SC cancels bail granted to Raju and five other accused
New Delhi: The Supreme Court (SC) Bench comprising Justices Dalveer Bhandari and Deepak Verma has cancelled the bail granted to Satyam's founder B. Ramalinga Raju, his brother B. Rama Raju and four others by the Andhra Pradesh High Court in the 140 billion accounting fraud. The Supreme Court has asked all the six persons to surrender by November 8. The other four accused are former CFO V Srinivas and ex-employees of the IT firm G Ramakrishna, Venkatapathi Raju and Srisailam The special court in Hyderabad, which is conducting the trial in the Satyam case has been directed by the Apex court to conclude its proceedings by July 2011. The SC judges said that the High Court bail cannot be sustained as the case involved the biggest scam of Corporate India and it had also affected large number of shareholders, banks and financial institutions.

siliconindia