Court defers hearing on bail application of Raju

HYDERABAD: Nampalli Court on Monday deferred the hearing on bail applications of B Ramalinga Raju, founder of Satyam Computer Services his brother Rama Raju and CFO of the company V Srinivas to January 16.

SEBI, which is probing into possible insider trading in the company, has also moved the court seeking the deposition of Ramalinga Raju.

Ramalinga Raju, and his brother Rama Raju were arrested by CB-CID on January 9 after Raju confessed to perpetrating a Rs 7,000 crore financial fraud. The two were charged with criminal conspiracy, cheating, criminal breach of trust, forgery and falsification of records. All these are non-bailable offences.

Satyam CFO was arrested by the state CID on January 10 for interrogation.

State CID officials also conducted raids at the houses of Ramalinga Raju, Rama Raju and Srinivas Vadlamani on December 11. Besides, they also searched various Satyam offices in the city.

Legal experts point out that Raju can avoid an extradition to the US since he is now under police custody. Several lawsuits have been filed against him in the US as Satyam is a listed company on the NYSE.