Ramalinga Raju's Bail Petition to be Heard Today

Hyderabad
Ramalinga Raju's Bail Petition to be Heard Today
outlookindia.com
-0001-11-30T00:00:00+0553

The bail petition of Satyam Computer's former Chairman B Ramalinga Raju will come up for discussion before the Sixth Metropolitan Magistrate court here today.

The petition will be argued by four senior lawyers on behalf of Ramalinga Raju and two others, Ramalinga Raju's advocate Bharat Kumar told PTI.

However, Kumar refused to divulge on which grounds the bail petition was filed, but said there is a strong basis to the petition.

Ramalinga Raju and his brother Rama Raju were arrested by the Andhra police on January 9 and were sent to judicial custody till January 23 on charges of financial fraud to the tune of Rs 7,800 crore.

They were booked under IPC sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust), 468 (forgery) and 471 (falsification of records). All these charges are non-bailable offences.

The local court will also take up the petition filed by Sebi seeking permission to interrogate Ramalinga Raju in the same case.

Sebi had summoned Ramalinga Raju to appear before its officials with records and documents on January 9, but Bharat Kumar had represented the former Satyam Computer Chairman.

Sources say that Sebi's probe is focusing more on insider trading, and fraudulent and unfair trade practices, besides non-disclosures under various regulations in the Sebi Act.

READ MORE IN:
Next Story : Positive Asian Cues Power Stock Markets
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store
THE LATEST ISSUE
CLICK IMAGE FOR CONTENTS
Online Casino Betway Banner