Satyam scam: Court rejects Ramalinga Raju's bail plea

A local court on Thursday rejected the bail pleas of prime accused in the multi-crore accounting "fraud" in Satyam Computers and former company chairman B Ramalinga Raju and seven others.

As the trial in the Satyam scam was not completed before the stipulated time of July 31, Raju and other accused on Monday moved the court of XXI Additional Chief Metropolitan Magistrate (ACMM) seeking bail.

Besides Raju, Satyam's former MD B Rama Raju, ex CFO Vadlamani Srinivas, former employees G Ramakrishna, D Venkatpathi Raju, Ch Srisailam, former PWC auditor Subramani Gopalakrishnan and Satyam's then internal chief auditor VS Prabhakar Gupta are currently lodged in the Chanchalguda Central prison in Hyderabad.

The accused sought bail on grounds that the trial in the Satyam scam was not completed before the stipulated time of July 31 and all the prosecution witnesses were examined.

Earlier, cancelling Raju's bail in October last year, the Supreme Court observed the accused may file bail application only after July 31, 2011 if the trial in the case is not completed in the local court.