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Rajus’ bail pleas rejected; I-T dept to quiz Ramalinga Raju

Rajus’ bail pleas rejected; I-T dept to quiz Ramalinga Raju
PTI
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First Published: Wed, Feb 18 2009. 08 00 PM IST
Updated: Wed, Feb 18 2009. 08 00 PM IST
Hyderabad: Dismissing the bail petitions of Raju brothers and V Srinivas, a local court granted permission to the Income Tax (I-T) department to examine and record the statement of B Ramaling Raju in the multi crore Satyam scam case on Wednesday in Hyderabad.
The 6th additional chief metropolitan magistrate, which dismissed the bail petitions, also allowed market regulator Sebi to question PriceWaterhouse auditors S Gopalakrishnan and T Srinivas, who audited the Satyam’s accounts, on Thursday between 10.30am and 4.30pm in the Chanchalguda jail.
Disgraced Satyam founder B Ramalinga Raju, who has already been questioned by Sebi, would be interrogated by the I-T department on 21 February.
It is for the second time that the court has dismissed the bail petitions of Raju brothers and V Srinivas who are in judicial remand till 21 February. Earlier, their bail petitions were rejected in January.
The court on Wednesday also modified its earlier order and granted permission to Sebi to interrogate Satyam’s former CFO V Srinivas on 20 February.
The Sebi lawyer, who came about one and a half hours late to the court after orders were passed by the court, filed a memo and urged the court to modify the order to examine Srinivas as the team of officials are yet to come from Mumbai.
Earlier, on a direction by the Supreme Court, Sebi had questioned and recorded the statements of Ramalinga Raju and his brother Rama Raju, who is the former managing director of Satyam, for three days from 3 February in Hyderabad.
Income Tax department wanted to quiz Ramalinga Raju as it wanted to finalise the assessment of tax for 2007-08. The I-T department had sought three days time to examine him before the finalisation of assessment.
Before the department could assess the income of the firm, Raju himself admitted that he had inflated the company’s account.
Meanwhile, fresh bail petitions for S Gopalakrishnan and Talluri Srinivas, sacked employees of PwC were filed in the court on Wednesday, which were posted to 21 February for hearing. Earlier, their bail petitions were dismissed twice by the court.
Rajus and Srinivas were arrested by the CB-CID department of the Andhra Pradesh on 10 January, three days after Ramalinga Raju admitted that he manipulated company’s accounts and given out inflated figures for company’s accounts to the tune of Rs7,800 crore, which is dubbed as corporate India’s biggest fraud.
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First Published: Wed, Feb 18 2009. 08 00 PM IST