B Ramalinga Raju to face SEBI team on Saturday

Former Satyam Computer Chairman B Ramalinga Raju will appear before a SEBI probe team on Saturday to answer questions on the sale and purchase of company shares during 2004-09.

Former Satyam Computer Chairman B Ramalinga Raju will appear before a SEBI probe team on Saturday to answer questions on the sale and purchase of company (Satyam) shares during 2004 and 2009, his counsel Bharat Kumar told reporters in Hyderabad on Friday.

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Kumar appeared before the team of the market regulator at the Satyam office at Madhapur in Hyderabad on Saturday as Raju did not turn up, citing ill-health.

He (Raju) will appear before the authority on Saturday at 4 pm, as summoned by SEBI, he said.

Earlier, Raju was summoned by SEBI officials to appear before it by 4 pm on Friday.

Raju had sought three days' time to submit the documents sought by SEBI officials, which was denied, Kumar said. The SEBI team is camping in Hyderabad to probe the Rs 7,800 crore accounting scam in Satyam. They are being assisted by officials of the RoC, Hyderabad.

SEBI summoned Raju to appear before the authority under sections 11 (3) and 11 (C) of (SEBI) Act 15 of 1992. Meanwhile, the Andhra Pradesh Police have launched investigations into the Satyam scandal. State Director General of Police SSP Yadav is personally supervising the probe, official sources said.