Andhra HC grants bail to tainted Satyam Computer founder B. Ramlinga Raju
merisarkar news service
New Delhi, August 18, 2010
Ramlinga Raju was granted bail on Wednesday
Andhra Pradesh High Court on Wednesday granted bail to the tainted Satyam Computer's founder and its former chairman B. Ramalinga Raju. He had been arrested 19 months ago on the charges of fudging accounts of the IT major to a tune of 14,000 crore rupees. Justice Raja Elango has granted conditional bail, after which Raju should stay in Hyderabad and should give two sureties of 20 lakh rupees each.
The charges include criminal conspiracy, cheating, forgery and falsification of accounts have been framed against Ramalinga Raju, who is presently undergoing medical treatment at a Hyderabad hospital.
As per the media reports, the founder and former chairman of Satyam Computers, Ramalinga Raju has been finally granted bail on Wednesday by Andhra Pradesh High Court. He had been arrested on January 7th last year for accounting fraud to a tune of Rs 14,000 crore in the Satyam Computers.
Though his co-accused including farmer Satyam employees have been given bail, Ramalinga Raju has been rejected bail despite his repeated pleas on health grounds. Speaking about the grounds for granting bail, Raju’s lawyer has said he has been cooperating for the investigation and it has been a long custody as an under trail.
However, the Central Bureau of Investigation that has been opposing bail stating that the accused may tamper the avidences is now contemplating to appeal in the Supreme Court. With Ramalinga Raju getting bail, all the 10 accused in the biggest ever corporate scam in the country have been granted bail by various courts.
It was known that the Satyam Computers has been subsequently taken over by a major Automotive Company and being renamed as Mahindra Satyam.
