Satyam case: AP HC rejects bail petition of Raju

The Andhra Pradesh High Court today rejected the bail pleas of Satyam Computer scam accused B Ramalinga Raju and five others, and asked them to first approach a sessions court.  

The HC has reserved the hearing till Friday on the bail petition of Satyam's then internal auditor V S Prabhakar Gupta.            

Besides Raju, his brother and Satyam's former Managing Director B Rama Raju, ex-Satyam CFO Vadlamani Srinivas, former employees G Ramakrishna, D Venkatpathi Raju, Ch Srisailam and Gupta, who are currently under judicial custody, had yesterday moved the high court seeking bail after a local court dismissed their pleas last week.

In their applications, Raju and others cited the Supreme Court's earlier suggestion that they can approach the courts for bail if the trial in the scam was not completed before the stipulated time of July 31, 2011.     

The XXI Additional Chief Metropolitan Magistrate's (ACMM's) court, overseeing the Satyam case, had last week dismissed the bail petitions of Ramalinga Raju and seven other accused.            

Raju and others are facing charges like criminal conspiracy, falsification of accounts, breach of trust, cheating and forgery in connection with the scam believed to run into Rs 14,000 crore that came to light in January 2009.