Bail plea for Raju deferred to Jan 16

Written by: Super Admin
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New Delhi, Jan 12: The Andhra Pradesh Crime Branch have booked the Raju brothers, Ramalinga Raju and Rama Raju under Section 120 b (criminal conspiracy), 420 (cheating), 406, 467 and 427 (criminal breach of trust, forgery and using forged documents as genuine), for Satyam Fiasco. The above charges are non-bailable but the defendants are free to apply for the bail application. The court will then decide whether to grant the bail or not.

Bail applications of Raju brothers are deferred for hearing to Jan 16.

SEBI's application for recording statement of Ramalinga Raju was also deferred to the same date by a local court.

The shares of Satyam surged 62 pc on Monday, Jan 12 early trade after the Government's appointment of new board members. The three-board members have on Monday, Jan 12 convened a meeting at the Infocity campus to elect new Chairman for Satyam.

The new board is expected to lay out a roadmap for clients and staff in the wake of a billion dollar fraud that cast a cloud over foreign investment in the once-booming IT sector.

Deepak Parekh, a senior banker and one of the appointees, said late on Sunday the priority was to restore confidence and then look at financial issues such as restating accounts that the former chairman, since arrested, admitted had been falsified for years.

OneIndia News (With inputs from Agencies)

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