Court Rejects SEBI, SFIO Pleas To Quiz Rajus

Court Rejects SEBI, SFIO Pleas To Quiz Rajus 23 Jan 2009, 1719 hrs IST, PTI Text: HYDERABAD: A city court has rejected market regulator SEBI's plea to interrogate Satyam founder Ramalinga Raju and his brother Rama Raju, while refusing to entertain another petition by the Serious Fraud Investigation Office. The 6th additional chief metropolitan magistrate rejected SEBI's plea for taking the Raju brothers into custody for a day and returned as "not maintainable" the petition filed by SFIO seeking six days custody of Ramalinga and Satyam's former CFO Vadlamani Srinivas. The three were, meanwhile, remanded in judicial custody till January 31. While Rama Raju was sent back to judicial custody early on Friday, Ramalinga and Srinivas were sent to judicial remand after they were produced in the court in the evening after spending five days in police custody. The court also posted the bail applications of Ramalinga and Srinivas for hearing on January 27 and that of Rama Raju on January 28. Public prosecutor K Ajay Kumar had opposed Ramalinga's bail plea, contending that he was supposed to be a watchdog of public money, but betrayed the trust by fudging accounts. "The crime he (Ramalinga Raju) committed was grave and heinous," he said. The Rajus were arrested on January 9 and Srinivas on January 10 and have been inaccessible to the separate investigation teams of SEBI and SFIO that reached the city as early as January 8 — a day after Ramalinga disclosed a Rs 7,800 crore accounting fraud in his company.

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