Satyam scam: SC refuses extension for Raju`s surrender

Last Updated: Tuesday, November 9, 2010 - 17:09

New Delhi: The Supreme Court on Tuesday rejected
the plea of scam-tainted Satyam Computer founder B Ramalinga
Raju, seeking extension of tomorrow`s deadline for his
surrender.

The apex court had earlier cancelled Raju`s bail and
directed him to surrender by November 10.

However, Raju had moved an application seeking extension
of this deadline to surrender citing poor health and ongoing
family settlement.

The application did not mention as to how much time he
needed to surrender. Raju had merely sought reasonable
extension.

The plea was heard today by a bench comprising Justices
Dalveer Bhandari and Deepak Verma.

In January 2009, Raju had admitted to the accounting
fraud at Satyam Computer, now known as Mahidra Satyam -- a
part of the Mahindra group.

The fraud, estimated to be about Rs 14,000 crore, is
being investigated by multiple agencies, including the CBI.

On October 26, on CBI plea, the apex court had cancelled
the bail granted to Raju, his brother Rama Raju, former Satyam
CFO V Srinivas and three other former IT company employees --
G Ramakrishna, Venkatapathi Raju and Srisailam by the Andhra
Pradesh High court after observing that the fraud eroded the
"corporate credibility of the nation".

The high court had on August 18 allowed Raju`s bail on
the ground that all other accused in the case, including his
brother Rama Raju, had been granted bail.

"Ordinarily this Court would be slow in cancelling the
bail already granted by the High Court, but in extraordinary
facts and circumstances of these cases, we are of the
considered view that the impugned orders passed by the High
Court granting bail to the respondents, cannot be sustained in
law and the same are accordingly set aside," the apex court
had said while cancelling Raju`s bail.

Raju was, till recently, undergoing in-patient treatment
for liver infection in a Hyderabad hospital.

"The accused are directed to surrender on or before
November 10, otherwise the CBI shall take appropriate steps in
accordance with law," the bench said.

CBI had filed the chargesheet running into over 10,000
pages, naming more than 250 witnesses. Charges were framed on
October 25 and trial is scheduled to commence from November 2.

Raju was arrested on January 9 last year, two days after
he wrote a letter to the company Board admitting to fudging
the company`s books.

PTI



First Published: Tuesday, November 9, 2010 - 17:09

comments powered by Disqus