Raju moves SC on bail order
Nov. 9: Scam-tainted Satyam Computer founder, Mr B. Ramalinga Raju. has approached the Supreme Court seeking a review of its order cancelling the bail granted to him by the Andhra Pradesh High Court in the multi-crore rupee accounting fraud.
The petition was filed against the October 26, 2010 order by which a bench of Justices Dalveer Bhandari and Deepak Verma had set aside the order of the high court granting bail to Raju along with his brother Rama Raju and four others.
The apex court had allowed the appeal of CBI and cancelled the bail granted to Mr Raju and five others and had asked them to surrender by November 10.
The Supreme Court had observed that the fraud eroded “corporate credibility of the nation”. Meanwhile, the market regulator Sebi on Tuesday refused to stay proceedings against Price Waterhouse partners S. Gopalakrishan and Srinivas Talluri for their alleged involvement in the Satyam fraud case and asked them to appear before it on February 5.
Sebi had issued a showcause notice to the partners of PW in the Satyam case in February 2009 but could not proceed with the case. Rejecting the contention that similar proceedings by Sebi and CBI cannot go together, the market regulator said in its order “the hearing of the showcause notices shall proceed on merits.”
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