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Andhra High Court adjourns hearing on Raju’s bail plea

The Andhra Pradesh High Court on Thursday adjourned the hearing on the bail petition of B. Ramalinga Raju, the prime accused in the multi-crore Satyam fraud case.

Justice Raja Elango adjourned the hearing to August 12 as the Central Bureau of Investigation (CBI) sought time to file counter-reply to the bail plea of the former Satyam Computer Services chairman.

Ramalinga Raju, who is undergoing treatment for Hepatitis C at the government-run Nizam’s Institute of Medical Sciences (NIMS) here, filed the bail petition last week as the court has granted bail to rest of the accused in the case.

The court on July 20 granted bail to five accused, including Ramalinga Raju’s brother and former managing director of Satyam, B. Rama Raju, and former chief financial officer Vadlamani Srinivas.

The courts had earlier granted bail to three accused while Ramalinga Raju’s another brother B. Surayanarayana Raju had obtained anticipatory bail last year.

Ramalinga Raju shocked corporate India in January 2009 by admitting to Rs.7,800 crore accounting fraud in the IT major.

The CBI, however, told the court in November last year that the scam is of over Rs.14,000 crore.

All the accused are facing charges of criminal conspiracy, criminal breach of trust, cheating, forgery and falsification of accounts.

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