Hyderabad/New Delhi: A city court on Wednesday dismissed the bail applications of Satyam’s disgraced founder Ramalinga Raju, former managing director Rama Raju and former chief financial officer Vadlamani Srinivas.
The 6th additional chief metropolitan magistrate also posted for tomorrow, hearing on separate petitions relating to the bail and police custody of SRSR Holding general manager Gopala Krishna Raju.
SRSR Holding is promoted by Ramalinga Raju’s family and Raju held stake in Satyam through this company.
Ramalinga Raju, Rama Raju and Srinivas are in judicial custody till 31 January.
Also open to a CBI probe into the Satyam fraud, Andhra Pradesh Chief Minister Y S Rajasekhara Reddy on Wednesday told Prime Minister Manmohan Singh that the IT firm resorted to “embellishment” of bank accounts for more than seven years.
“Investigation has so far revealed embellishment of bank accounts by the Company for more than seven years to impress the clients within the country and overseas...
“Our Government would welcome making over the case to CBI, if deemed appropriate,” Reddy said in a letter to the PM.
Stressing a coordinated mechanism between the Central agencies and departments like SEBI and the Serious Fraud Investigation Office, he said the scope of probe underway by the state government included Satyam’s connection with the Maytas firms.
The Maytas firms are an infrastructure group promoted by the family members of Satyam’s disgraced former chairman Ramalinga Raju.