Satyam scam: Raju seeks more time to surrender

Last Updated: Monday, November 8, 2010 - 22:10

New Delhi: Scam-tainted Satyam Computer founder B Ramalinga Raju has approached the Supreme Court seeking extension of time beyond November 10 to surrender.

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

He has moved an application in this regard on account of
bad health and ongoing family settlement. His application is
not however saying anything on how much time he needs to
surrender. He has merely sought reasonable extension.

Raju`s plea would be heard tomorrow by a bench comprising
Justices Dalveer Bhandari and Deepak Verma.

Raju in January 2009 had adimitted to dressing up
company`s account books for years together, causing a big
corporate scam running into thousands of crores of rupees. The
case is being investigated by multiple agencies, including
the CBI.

On October 26 this year, on CBI`s plea the apex court had
cancelled 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 and others were granted bail by it.

"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 canceling 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 chargsheet running into over 10,000
pages, naming more than 250 witnesses. Charges have been
framed on October, 25 and trial is scheduled to commence with
effect 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.


First Published: Monday, November 8, 2010 - 22:10

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