The investigating team of the Securities and Exchange Board of India (Sebi) today gave 24 hours time to the tainted Satyam Computer Services' founder B Ramalinga Raju for appearing in-person before the regulator's authorities.
"The matter is adjourned for tomorrow (January 10) for the appearance of my client B Ramalinga Raju to answer the queries raised by the Sebi investigating team pertaining to the sale and purchase of the company's shares between 2004 and 2009," Raju's counsel Bharath Kumar told mediapersons after appearing before the Sebi team today.
"Raju will appear before the Sebi team at My Home as summoned by them tomorrow," he said.
Earlier in the day, the Sebi authorities summoned Ramalinga Raju to appear before them on Friday at 4 pm at the Satyam's My Home office in the Hitec City under Sections 11 (3) and 11C of the Sebi Act 15, 1992.
"My client is ill, and hence I appeared before them (Sebi team) to submit a written application asking extension of time," the counsel said.
Sebi has formed a special team led by its southern region general manager A Sunil Kumar to probe into the revelations of Ramalinga Raju on Wednesday on the inflated balance sheets amounting Rs 7,800 crore. Raju on Jan 7 tendered his resignation as Satyam chairman after admitting to financial wrongdoings.
