Satyam case: Hyderabad court grants bail to all 10 convicts including Ramalinga Raju

www.mangaloretoday.com

Hyderabad, May 11, 2015: All the 10 people including B Ramalinga Raju and his brother B Rama Raju have been granted bail in the multi-crore Satyam Computer Services Ltd (SCSL) accounting fraud case.

The bail has been granted by Metropolitan Sessions Court in Hyderabad. On Friday, the court deferred the verdict on an application filed by the 10 convicts seeking suspension of their sentence and revocation of fines imposed in the multi-crore accounting fraud case.

 

Ramalinga and his brother have been ordered to pay Rs 1 lakh in personal bond, and the other 8 accused will have to pay Rs 50,000 in personal bond. All accused will have to pay 10 per cent of their fine amount within four weeks.

The special Central Bureau of Investigation (CBI) court of judge BVLN Chakravarthi on April 9 pronounced all of them guilty in one of the biggest corporate scandals involving an Indian company.

Besides Ramalinga Raju, who was the founder-chairman of the company, the other accused are, his brother and Satyam’s former Managing Director B Rama Raju, former chief financial officer Vadlamani Srinivas, former PwC auditors Subramani Gopalakrishnan and T Srinivas, Raju’s another brother B Suryanarayana Raju, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam and Satyam’s former internal chief auditor VS Prabhakar Gupta.

The case had rocked India Inc and led to a massive upheaval in the software and Information Technology Enabled Service (ITES) industry in the country was investigated by the Central Bureau of Investigation.

B Ramalinga Raju, one of the pioneers in the industry and Satyam’s founder and then chairman, allegedly confessed to manipulating his company’s account books and inflating profits over many years to the tune of crores of rupees. The confession sent shockwaves across the industry.