Satyam case: Bail for Ramalinga Raju and 9 others, sentences suspended
A Hyderabad court on Monday suspended the sentences of Satyam founder Ramalinga Raju and nine others in the multi-crore accounting scam and granted them bail.india Updated: May 11, 2015 19:20 IST
A Hyderabad court on Monday suspended the sentences of Satyam founder Ramalinga Raju and nine others in the multi-crore accounting scam and granted them bail.
Raju was granted bail by the metropolitan sessions court on a personal bond of Rs 1 lakh while the other accused were asked to furnish a bond of Rs 50,000 each, reports said.
Relief for Raju and his fellow accused came after they filed an appeal seeking suspension of their sentence and fines imposed on them in the multi-crore rupee Satyam corporate fraud case.
Raju, the kingpin of the scam, and the other convicts, are currently lodged in Hyderabad's Cherlapally Central Prison.
Read |Satyam scam: All you need to know about India's biggest accounting fraud
On April 9, the additional chief metropolitan sessions court, which tried the Satyam case probed by the Central Bureau of Investigation (CBI), had sentenced Raju and others to seven years' rigorous imprisonment for criminal conspiracy and cheating, among other offences.
It had also imposed Rs 5.35 crore fine on Mr Raju and his brother Rama Raju while others were fined Rs 25 lakh each.
However, the counsel of Mr Raju and others had on Thursday submitted before the court that their clients had already served a "substantial part" of their imprisonment by spending 35 months in jail and requested for suspension of their sentences.
They further contended that the fines imposed on them were "exorbitant" and that they have no source of income as all their bank accounts have been frozen by CBI and their properties attached by the Enforcement Directorate.