SC issues notices to former Satyam MD Raju, 4 others

NEW DELHI: The Supreme Court on Monday issued notices to former Satyam managing director B Rama Raju and four others, accused in Rs 14,000-crore accounting fraud in Satyam, asking why their bails should not be cancelled.

Admitting the petition filed by the CBI, a Supreme Court bench comprising Justice Deepak Verma and Justice Dalveer Bhandari issued notices to the five accused and directed them to file their reply within a week.

The Court's direction came after a plea filed by the CBI requested it to cancel the bail granted to the five main accused - Rama Raju, brother of Satyam founder B Ramalinga Raju,former Satyam CFO V Srinivas and three others former company employees G Ramakrishna, Venkatapathi Raju and Ch Srisailam- by the Andhra Pradesh High Court .

The High Court had granted bails to the five accused in the India's largest corporate fraud after observing that there was no possibility of any early trail.

Solicitor General Gopal Subramanium, who was appearing for the CBI, submitted before the bench that it was a wrong conclusion by the high court as the special court has been set up and a judge has been appointed for the trail.

"There would be a day to day hearing, four public prosecutors have been appointed. It could be finished within 60 days," said Solicitor General requesting the Apex Court to look into the bail granted by the high court.

He further submitted that these five accused were the persons, who had recruited some of the key witnesses in Satyam and therefore, may alter the evidences.

On this the court said," kindly see stringent conditions imposed on them by the High Court".

Satyam founder Ramalinga Raju, Rama Raju and eight others were arrested last year after Raju admitted to fudging the accounts of the IT company.

The Supreme Court directed to list the matter for next hearing after two weeks.