Supreme Court grants bail to Satyam founder Raju, brother

Mangalore Today News Network

New Delhi, Nov 4, 2011: Close on the heels of granting bail to four former employees of Satyam, the Supreme Court today granted bail to Satyam founder B Ramalinga Raju and his brother B Rama Raju. Former Chief Financial Officer Srinivas Vadlamani has also been granted bail.

Mr Raju and his brother B Rama Raju had earlier approached the Supreme Court seeking bail in multi-crore accounting fraud involving the software firm. They argued that they had already spent nearly two years and eight months in jail for an offence that carries a maximum sentence of seven years.

Earlier, the Supreme Court had granted bail to four former employees of the IT major and a former auditor of PriceWaterhouseCoopers (PWC) on a personal bond of Rs. 2 lakh and surety of like amount.

 

 

 

 

Courtesy : NDTV