Order on Raju, Srinivas bail today

A local court on Tuesday reserved its judgment on the bail petition of B Ramalinga Raju, the beleaguered founder of Satyam Computer Services, and the company’s former chief financial officer V Srinivas for Wednesday. The court will also hear the bail petitions of Rama Raju, the younger brother of Ramalinga Raju, and Gopalakrishna Raju, general manager of SRSR Advisory Services on Wednesday. Mr Raju, Mr Rama Raju and Mr Srinivas were arrested earlier this month after Raju confessed to fudging the company’s books, thereby perpetrating a Rs 7,000-crore fraud. Gopalakrishna Raju was arrested following a raid by the Criminal Investigation Department (CID) at SRSR’s office at Jubilee Hills on January 21. The police had seized several documents related to land deals and property transactions from the company’s premises. B Suryanarayana Raju, the low-profile sibling of Ramalinga Raju, is the managing director of SRSR. The state police, however, could not nab him. Mr Ramalinga Raju’s counsel, D Prakash Reddy, argued there is no provision in the law under which the accused cannot be granted a bail since the sections under which they were booked do not call for a continued custody. “The prosecution has not proved to the court that the offences allegedly committed by the accused either call for a death punishment or life imprisonment. Unless the offences are of this magnitude, there is no reason for the court to reject a bail. According to the section slapped by the investigators on the accused, they call for a maximum punishment of seven years. So, it is a case fit for bail,” he said.

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