Satyam scam: Court asks CBI to make specific charges
A local court today directed the CBI to submit "specific material" on its allegations against the former Chairman of Satyam Computers, B Ramalinga Raju, and nine other accused in the multi-crore accounting scam in the IT firm, prior to framing of charges against them.india Updated: Aug 18, 2010 23:36 IST
A local court on Wednesday directed the CBI to submit "specific material" on its allegations against the former Chairman of Satyam Computers, B Ramalinga Raju, and nine other accused in the multi-crore accounting scam in the IT firm, prior to framing of charges against them.
The XXI Additional Chief Metropolitan Magistrate court, which on Wednesday began hearing arguments on framing of charges against the accused, asked the CBI counsel to inform it in a specific way on the agency's allegations against the accused in two main chargesheets, besides a supplementary chargesheet.
CBI counsel K Surendra said as part of the conspiracy, the accused projected a rosy picture about the financial status of Satyam and lured investors 'dishonestly and fraudulently' to invest in the shares of Satyam Computer Services Limited, making wrongful gains to the tune of crores of rupees.
Countering the allegations, Raju's counsel, Umamaheshwar Rao, termed the CBI's allegations as 'hypothetical', saying one cannot influence the share prices or the stock market. He said the CBI's chargesheets were not only voluminous, but lacked clarity on the charges to be framed against his client.
After the arguments, Magistrate BVLN Chakravarti asked the CBI counsel to "submit to the court the material (on the allegations in the chargesheet) you are relying on and be specific on it so that there can be more clarity on the charges even while framing them."
The judge posted the matter for hearing to tomorrow. The court on Monday had completed the process of examination of prime accused Ramalinga Raju and nine others, though all of them had denied the allegations.