Scam-tainted Satyam Computer founder B Ramalinga Raju has approached the Supreme Court seeking a review of its order cancelling the bail granted to him by the Andhra Pradesh high court in the multi-crore rupee accounting fraud.
Scam-tainted Satyam Computer founder B Ramalinga Raju has approached the Supreme Court seeking a review of its order cancelling the bail granted to him by the Andhra Pradesh high court in the multi-crore rupee accounting fraud.
The petition was filed against the October 26, 2010 order by which a bench of Justice Dalveer Bhandari and Justice Deepak Verma had set aside the order of the high court granting bail to Raju along with his brother Rama Raju and four others.
The apex court had allowed the appeal of CBI and cancelled the bail granted to B Ramalinga Raju and five others and had asked them to surrender by November 10.
The Supreme Court had observed that the fraud eroded "corporate credibility of the nation".
"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 bench had said.
Moreover, the apex court on November 9, 2010 also rejected the prayer of Raju seeking extension of time to surrender on account of health grounds and family reasons.
The bench had asked the special court to conclude the trial by July 31 next year and asked the Andhra Pradesh high court not to transfer the judge who is hearing the case in Hyderabad till the conclusion of trial.
"We deem it appropriate to direct the trial court to take up the case on day-to-day basis and conclude the trial of this case as expeditiously as possible, in any event, on or before 31st July, 2011," the court said, adding that "the court would avoid granting any undue adjournments, unless it becomes absolutely imperative".
The high court on August 18 allowed Raju's bail on the ground that all other accused in the case, including his brother Rama Raju, former Satyam CFO V Srinivas and three other former IT company employees G Ramakrishna, Venkatapathi Raju and Srisailam were granted bail by it.
In its petition for cancellation of bail CBI had said that Satyam's founder and former chief "misused" the bail by meeting one of the witnesses in the case and tried to "influence" him.
CBI had filed the chargsheet running into over 10,000 pages, naming more than 250 witnesses. Charges have been framed on October, 25 and trial is scheduled to commence with effect from November, 2.
Raju was arrested on January 9 last year, two days after he wrote a letter to the company board admitting to fudging the company's books.
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