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Court rejects bail plea of former Satyam chief Raju

A Hyderabad court dismisses the bail plea of Satyam Computer's tainted ex-Chairman B Ramalinga Raju, and the company's former CFO Vadlamani Srinivas. See Spl: Satyam sinks

india Updated: Jan 28, 2009 22:03 IST

A Hyderabad court on Wednesday dismissed the appeal of Satyam Computer Services disgraced founder B Ramalinga Raju, his brother B Rama Raju and the company's former chief financial officer Vadlamani Srinivas for bail in the Rs 70 billion (7,000 crore) fraud case.

S Bharat Kumar, lawyer for the Rajus, said his clients have the option to move the same court again for bail or appeal to a higher court.

"We will take a decision in the next two days," he said after the sixth additional chief metropolitan magistrate D Ramakrishna rejected the bail plea.

The three have been in judicial custody which expires Jan 31.

Ramakrishna reserved for Thursday orders on the police appeal for custody of Gopalakrishna Raju, former general manager of SRSR Advisory Services floated by the Raju family to manage their stake in Satyam.

He will also rule Thursday on Gopalakrishna Raju's bail plea.

Ramalinga Raju was arrested Jan 9, two days after he confessed to the country's biggest corporate scam of Rs 70 billion. His brother Rama Raju who was managing director of Satyam was also arrested the same day.

Vadlamani Srinivas was picked up two days later.

First Published: Jan 28, 2009 15:37 IST