Satyam case: Court asks CBI to submit material on allegations

Last Updated: Thursday, August 19, 2010 - 00:26

Hyderabad: A local court today directed the
CBI to submit before it "specific material" on its allegations
against former Chairman of Satyam Computers B Ramalinga Raju
and nine other accused in the multi-crore accounting scam in
the IT firm, prior to framing of charges against them.

The XXI Additional Chief Metropolitan Magistrate court
which today began hearing for arguments on framing of charges
against the accused, asked the CBI counsel to inform it in a
specific way on the agency`s allegations against the accused
in two main chargesheets besides the supplementary
chargesheet.

CBI counsel K Surendra said as part of the conspiracy,
the accused projected a rosy picture about the financial
status of the Satyam company and lured the investors
`dishonestly and fraudulently` to invest into the shares of
Satyam Computer Services Limited and thus made wrongful gains
to the tune of crores of rupees.

Countering the allegations, Raju`s counsel Umamaheshwar
Rao termed the CBI`s allegations as `hypothetical` saying one
cannot influence the share prices or stock market. He said
CBI`s chargesheets were not only voluminous but lacked clarity
on the charges to be framed against his client.

After the arguments, Magistrate BVLN Chakravarti asked
the CBI counsel "submit to the court the material (on the
allegations in the chargesheet) you are relying on and be
specific on it so that there can be more clarity on the
charges even while framing them."

The judge posted the matter for hearing to tomorrow. The
court on Monday had completed the process of examination of
prime accused Ramalinga Raju and nine others though all of
them had denied the allegations.

PTI



First Published: Thursday, August 19, 2010 - 00:26

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