Press Trust of India / Hyderabad May 13, 2009, 18:54 IST
A local court here today dismissed the bail pleas of Satyam Computer's founder Chairman B Ramalinga Raju, his brother and former MD Rama Raju and former CFO Vadlamani Srinivas.
The IV Additional Metropolitan Sessions Judge T Eashwer Rao rejected the bail applications of the trio on the ground that investigating agency CBI is still continuing its probe into the multi-crore fraud, in which investors not only in India but also in foreign countries are victims.
In the order, the judge said that balance sheet is the "backbone of a company and investors put their money in the firm believing the figures shown in the balance sheet for every year". But they (investors) had to sustain huge losses, he stated.
"In the present circumstances, when thousands of crores of rupees is involved in the case, the court is not satisfied to enlarge the petitioners on bail," the judge observed.
After attempts to secure bail from the designated CBI court - XIV Additional Chief Metropolitan Magistrate - failed, the defence lawyers had filed the bail application in the upper court of IV Additional Metropolitan Sessions Court.
This was eighth time the bail applications of Raju brothers and Vadlamani was rejected since their arrest in January this year.
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