Raj Kumar Makkad (Adv P & H High Court Chandigarh) 22 September 2011

Cbi seeks more time from sc to complete trial in satyam scam

The Supreme Court today decided to examine the petition filed by CBI seeking more time for completing the trial in the Satyam Computers accounting scam.

Former Chairman of Satyam Computers Ramalinga Raju and others are facing allegations of defrauding a large number of investors through falsification and manipulation of company's accounts.

The accused persons had deliberately and intentionally manipulated the accounts to create a false impression among the investors that the company is in sound financial position while the truth was the company was in the red.

Mr Raju whose bail had already been cancelled along with seven others illegally diverted the company's funds to the company of his son, Maytas.

The CBI is seeking time till December end for completing the trial.

The trial was to be completed by September but could not be completed due to unavoidable circumstances.

The Supreme Court has already issued notices to CBI on the bail application filed by four accused in the case.

Lakhs of investors were defrauded of their hard earned money by Satyam Computers management headed by Raju.

SOURCE: UNI