Ramalinga Raju's bail hearing begins
The bail petition of Satyam's former chief Ramalinga Raju has begun before the Sixth Metropolitan Magistrate court in Hyderabad.Satyam sinksindia Updated: Jan 16, 2009 15:18 IST
The bail petition of Satyam Computer's former Chairman B Ramalinga Raju has begun before the Sixth Metropolitan Magistrate court in Hyderabad today.
The petition will be argued by four senior lawyers on behalf of Ramalinga Raju and two others, Ramalinga Raju's advocate Bharat Kumar told PTI.
However, Kumar refused to divulge on which grounds the bail petition was filed, but said there is a strong basis to the petition.
Ramalinga Raju and his brother Rama Raju were arrested by the Andhra police on January 9 and were sent to judicial custody till January 23 on charges of financial fraud to the tune of Rs 7,800 crore.
They were booked under IPC sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust), 468 (forgery) and 471 (falsification of records). All these charges are non-bailable offences.
The local court will also take up the petition filed by Sebi seeking permission to interrogate Ramalinga Raju in the same case.
Sebi had summoned Ramalinga Raju to appear before its officials with records and documents on January 9, but Bharat Kumar had represented the former Satyam Computer Chairman.
Sources say that Sebi's probe is focusing more on insider trading, and fraudulent and unfair trade practices, besides non-disclosures under various regulations in the Sebi Act.