Sebi hearing likely to be the stiffest test for Raju

After having issued a show cause notice, market regulator Sebi is eager for a personal hearing of Ramalinga Raju. CNBC-TV18's Ashwin Mohan spoke with Raju's lawyer who didn't seem to eager with the state of affairs.

Ramalinga Raju spent his 55th birthday at a government-run hospital in Hyderbad. While Raju battles his medical ailments, a crucial personal hearing at Sebi in Mumbai looms large. But his lawyer Bharat Kumar claims that his side is short on relevant records.

"From January 10 my client is in judicial custody. Every sort of record is seized by the CBI SEBI. They are part of the multi-disciplinary investigation team and they pretty well know that the record is not with us. Yet, the authority wants us to respond," Kumar added.

Sebi had earlier alleged that Raju's legal team was attempting to delay the personal hearing proceedings. But Kumar strongly disagrees. "My client has made it very clear that he himself has subjected himself to the judicial process. Therefore, the question of delaying from my clients side doesn't arise. We are only seeking a fair deal in investigation and as well as in all these proceedings. We don't want to face any authority without documents and without any reasonable opportunity," Kumar stated.

When quizzed about the theory that Raju intentionally surrendered himself to the Andhra Police on January 9, to avoid a Sebi hearing the following day, Kumar rules out any such intent. "There is no distinction or choice made by him to co-operate with some organisation and not to co-operate with other organisations. They were called to the police station, they went there, and after that they were arrested. We never anticipated nor my client anticipated that he will be arrested that day itself," Kumar explained.

Sebi wished to get Raju's reply to the show cause notice by October 30. But Kumar says that his client is unable to issue instructions and that a request for extension is likely. In any case, personal hearing at Sebi is expected to be the stiffest test for the former Satyam Chairman.