A local court on Friday extended the judicial remand of Satyam Computer founder B Ramalinga Raju, his brother Rama Raju, former CFO of the IT firm V Srinivas and two former auditors of PricewaterhouseCoopers by 14 days.
The latest penalties for insider trading follows an earlier disgorgement order passed by Sebi in July last year.
Sebi has also allowed Rama Raju and others, including Vadlamani Srinivas and G Ramakrishna, to inspect the documents available with the regulator on October 14 and has fixed the date for personal hearing on November 7. The other noticees in the matter include Ramalinga Raju and V S Prabhakara Gupta.
The Fourteenth Additional Chief Metropolitan Magistrate has granted permission to the Enforcement Directorate, a central government wing, to record the statements of the accused in the Satyam scam from June 9 to 16.
The Enforcement Directorate in October last year had filed the complaint against Raju and 212 others, including 166 companies, before the XXI Additional Chief Metropolitan Magistrate Court cum Special Sessions Judge here for allegedly laundering funds under a 'corporate veil' to perpetrate the accounting scam that rocked the business world in 2009.
Following the order, Raju and others are likely to move the high court.
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The tribunal posted the matter for further hearing in December, when it will decide whether to admit the pleas of the Raju brothers and others against Sebi order.
Disgraced Satyam founder B Ramalinga Raju, his brother Rama Raju, and IT firm's former CFO Vadlamani Srinivas moved their bail applications in the IV Additional Metropolitan Sessions judge in the Nampally criminal court complex. Their bail pleas were rejected by the designated court for CBI (XIV Additional Chief Metropolitan Magistrate).
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
ED filed a bulky prosecution investigation report before the XXI Additional Chief Metropolitan Magistrate cum Special Sessions Judge here today seeking to "prosecute the accused for the offence of money laundering" under the Prevention of Money Laundering Act.
Raju pleaded for leniency citing his philanthropic activities.
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Raju and his brother B Rama Raju were told to furnish personal bonds of Rs 100,000 each
Lok Sabha Speaker Om Birla has referred petitions submitted by the Trinamool Congress and the YSR Congress under the anti-defection law against their respective leaders Sisir Adhikari and K Raghu Rama Krishna Raju to the privileges committee.
n February 2009, the CBI took over the investigation.
The big thing was inflating the revenue of the company through fake invoices.
Special court will announce judgement in Satyam case on Dec 23.
Ramalinga Raju, his brother and Satyam's former managing director Rama Raju, ex-CFO V Srinivas, former partners of PricewaterhouseCoopers S Gopalakrishnan and T Srinivas along with Satyam Computer Services former employees G Ramakrishna, D Venkatapathi Raju and Ch Srisailam -- who are lodged at Chanchalguda Jail in Hyderabad were brought to the court, after their remand ended on Wednesday.
The petition was filed before a magistrate court here seeking permission for interrogating Raju, his brother Rama Raju and Satyam's former CFO Vadlamani Srinivas while they are in judicial custody. Raju's lawyer had earlier sought a day's time to file a counter petition, following which the court posted the matter for hearing on Friday. However, it has now been posted for hearing on January 19.
The legal noose has been tightening around the disgraced founder of Satyam Computers, B Ramalinga Raju, for nearly 22 months since he admitted in January last year to fudging the company's accounts to the tune of Rs 7,200 crore (Rs 72 billion).
The magistrate also sent Gopalakrishnam Raju, general manager of SRSR Holdings, to judicial remand till February 7 after the two-day police custody ended on Sunday. The police took him under custody for questioning about the land transactions of the Raju brothers. K Ravinder Reddy, his counsel, said that he would move a bail petition on Monday.
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, sent to judicial remand till January 31.
Things went from bad to worse since December 2008 for people who purchased bungalows, villas and apartments at Maytas Hill County, promoted by Maytas Properties Limited (MPL) -- the company run by B Rama Raju (Jr), the younger son of Satyam Computer Services founder and former chairman B Ramalinga Raju.
Months before Satyam Computer Services founder B Ramalinga Raju made disclosures about committing fraud, authorities in the US had initiated an investigation into the company's dealings with Syria, Sudan, Cuba and Iran, identified by the US government as state sponsors of terrorism, and subject to US economic sanctions and export controls.
The Central Bureau of Investigation on Thursday obtained specimen signatures of former Satyam Computer chairman B Ramalinga Raju and four others accused in connection with the multi-crore rupee fraud in the IT company.
A five-member Sebi team arrived at the Chanchalguda Central Prison in Hyderabad on Wednesday to quiz Satyam Computer founder Ramalinga Raju and his brother and former Managing Director Rama Raju regarding the Rs 7,800-crore (Rs 78 billion) financial fraud in the IT firm.
The XIV Additional Chief Metropolitan Magistrate on Wednesday reserved the order on the bail petitions of former Satyam chairman B Ramalinga Raju, his brother Rama Raju and ex-CFO Vadlamani Srinivas for April 25.
Ironically, the laws of the land seem to have given him breathing time from the interrogation of various investigation agencies, which plunged into action soon after the Rs 7,800 crore (Rs 78 billion) scam was exposed.
The government has decided to make all former Satyam Computer Services top executives and board members, including the independent directors, answerable for the fraud in the company on grounds that they "attempted to enrich themselves unjustifiably at the cost of the company and its stakeholders".
In an interview, author and columnist Steve Hamm shared his thoughts on the Satyam episode, World Bank ban on Wipro et al.
In an hour-long chat on rediff.com on Monday, Ganesh Natarajan, chairman of National Association of Software and Service Companies, replied to many queries on the Satyam scam.
A year has gone by since the fateful day when founder and former chairman of Satyam Computer Services (rebranded Mahindra Satyam), Ramalinga Raju, admitted to a multi-crore accounting fraud.
Satyam Computer Services founder B Ramalinga Raju, ex-CEO B Rama Raju and ex-CFO Vadlamani Srinivas in window-dressing the company's accounts, according to the remand case diary filed by the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department.
A local court in Hyderabad on Tuesday allowed the CBI to obtain specimen signatures and handwriting of former Satyam chairman B Ramalinga Raju and four other accused in the Satyam fraud case, all of whom are now in the Chanchalguda jail.
The hearing was postponed today because the defence lawyers could not reach the court on time. However, Nalini Kumar, the high court lawyer for Satyam's former CFO Vadlamani Srinivas, concluded his argument stating that his client will always co-operate with investigating agencies if he is released on bail. Srinivas is in judicial remand, along with the Raju brothers, since last month.
Sebi, which is probing charges of insider trading in the Satyam case, sought a day's custody of Ramalinga Raju and Rama Raju, who are currently in judicial custody. The regulator's request for a day's custody of the Raju brothers, however, was turned down by the sixth additional chief metropolitan magistrate on January 23.
Srinivas Vadlamani, the Chief Financial Officer of Satyam Computers, was remanded to judicial custody till January 23 by the 6th Metropolitan Magistrate on Sunday. He was later shifted to the Chanchalguda central jail, where former chairman of Satyam B Ramalinga Raju and his younger brother Rama Raju have been lodged since Saturday. Bharat Kumar said that the bail petition for all the three former officials of Satyam will come up for hearing on Monday.
Even as Sebi officials are quizzing Satyam Computer founder B Ramalinga Raju and his brother Rama Raju at the Chanchalguda jail here, the Andhra Pradesh police are likely to make more arrests in the Rs 7,800-crore fraud involving the IT major.
On February 17, 2009, Satyam case was handed over to CBI.
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