SC refuses extension for Raju’s surrender

SC refuses extension for Raju’s surrender

New Delhi: The Supreme Court on Tuesday rejected the plea of scam-tainted Satyam Computer founder B. Ramalinga Raju, seeking extension of Wednesday’s deadline for his surrender.

The apex court had earlier cancelled Raju’s bail and directed him to surrender by 10 November.

However, Raju had moved an application seeking extension of this deadline to surrender citing poor health and ongoing family settlement.

The application did not mention as to how much time he needed to surrender. Raju had merely sought reasonable extension.

The plea was heard today by a bench comprising Justices Dalveer Bhandari and Deepak Verma.

In January 2009, Raju had admitted to the accounting fraud at Satyam Computer, now known as Mahidra Satyam -- a part of the Mahindra group.

The fraud, estimated to be about Rs14,000 crore, is being investigated by multiple agencies, including the CBI.

On 26 October, on CBI plea, the apex court had cancelled the bail granted to Raju, his brother Rama Raju, former Satyam CFO V. Srinivas and three other former IT company employees -- G. Ramakrishna, Venkatapathi Raju and Srisailam by the Andhra Pradesh High court after observing that the fraud eroded the “corporate credibility of the nation".

The high court had on 18 August allowed Raju’s bail on the ground that all other accused in the case, including his brother Rama Raju, had been granted bail.

“Ordinarily this Court would be slow in cancelling the bail already granted by the High Court, but in extraordinary facts and circumstances of these cases, we are of the considered view that the impugned orders passed by the High Court granting bail to the respondents, cannot be sustained in law and the same are accordingly set aside," the apex court had said while cancelling Raju’s bail.

Raju was, till recently, undergoing in-patient treatment for liver infection in a Hyderabad hospital.

“The accused are directed to surrender on or before 10 November, otherwise the CBI shall take appropriate steps in accordance with law," the bench said.

CBI had filed the chargesheet running into over 10,000 pages, naming more than 250 witnesses. Charges were framed on 25 October and trial is scheduled to commence from 2 November.

Raju was arrested on 9 January last year, two days after he wrote a letter to the company Board admitting to fudging the company’s books.