Satyam case: Ramalinga Raju, others may be released on Wednesday1 min read . Updated: 12 May 2015, 08:58 PM IST
Prison authorities did not receive bail order on Tuesday
Hyderabad: Satyam Computers founder B. Ramalinga Raju and nine others are expected to be released from the Cherlapally central prison in Hyderabad on Wednesday, as the prison authorities did not receive the bail order on Tuesday. A metropolitan sessions judge in Hyderabad on Monday suspended seven-year rigorous imprisonment sentence awarded to Raju and others in the Satyam case, known as one of the biggest corporate frauds in India.
Raju’s lawyer said the bail order could not be submitted to the 21st additional chief metropolitan magistrate’s court (which had tried the case) on Tuesday, so Raju and others are likely to walk out of jail by Wednesday evening. “Bail orders were not yet received," said a senior prison official. Raju and his brother and former managing director of Satyam, B. Rama Raju, were granted bail on the condition that they furnish personal bonds of 1 lakh each and two sureties of the like sum. They are also to deposit a tenth of the fine amount within four weeks from the date of release.
In the case of other eight convicts, the court granted them bail on execution of personal bonds of 50,000 each and two sureties of the like sum each. They too have to pay a tenth of the fine amount. Raju and others have filed appeals in the sessions court, challenging the conviction by the trial court in the over 7,000-crore scandal which came to light in 2009. On 9 April, the ACMM court, which tried the Satyam case probed by the Central Bureau of Investigation (CBI), convicted Raju and others for criminal conspiracy and cheating, among other offences. It also imposed 5.35 crore fine on Raju and Rama Raju, while others were fined 25 lakh each.