APN News

  • Tuesday, January, 2021| Today's Market | Current Time: 12:57:51
  • The Supreme Court Monday asked former Satyam managing director B Rama Raju and four others, accused in Rs 14,000-crore accounting fraud in Satyam, as to why their bails should not be cancelled.

    The Supreme Court bench comprising Justice Deepak Verma and Justice Dalbeer Bhandari issued notices to the five accused on a petition filed by CBI.

    The Andhra Pradesh high court in July had granted bails to Rama Raju, brother of Satyam founder B Ramalinga Raju, former Satyam CFO V Srinivas and three others former IT company employees G Ramakrishna, Venkatapathi Raju and Ch Srisailam accused in the India’s largest corporate fraud.

    Satyam founder Ramalinga Raju, Rama Raju and eight others were arrested last year after Raju admitted to fudging the accounts of the IT company.

    Solicitor General Gopal Subramanium appearing for CBI submitted before the court that these are the persons who have recruited some of the key witnesses in Satyam and may alter the evidences.

    The Supreme Court asked the five accused to reply within a week.