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Ramalinga Raju, his brother Rama Raju, others get bail in Satyam case

Hyderabad, May 11 :  A Nampally court in Hyderabad on Monday has granted bail to Satyam Computers Services Limited (SCSL) founder and former chairman B. Ramalinga Raju and all other accused in multi-crore-rupee Satyam accounting fraud case.

Both the brothers Ramalinga Raju and Rama Raju have been granted bail by metropolitan sessions court on a personal bond amount of Rs.1 lakh each.

Others seven accused along with another brother Suryanarayana Raju were granted bail with bonds of Rs.50,000 each.

All accused have been presently confined in Cherlapally Central Prison in Hyderabad.

It has been reported that their release is possible on Tuesday after the receipt of bail orders by the prison authorities.

It has to be mentioned that the additional chief metropolitan magistrate's court on April 9 had found B. Ramalinga Raju and others guilty in the multi crore rupee scam which has been declared as one of the country's biggest accounting fraud. The scam has surfaced in 2009.

Seven years' rigorous imprisonment has been sentenced to them by the Court . In addition, it has also imposed a fine of Rs.5.5 crore each on Ramalinga Raju and Rama Raju.

As far as the names of other accused are concerned, they are former chief financial officer of Satyam Vadlamani Srinivas, former auditors of Price water house Cooperations  Subramani Gopalakrishnan and T. Srinivas, former employees G. Ramakrishna, D. Venkatpathi Raju and Ch. Srisailam, and Satyam's former internal chief auditor V.S. Prabhakar Gupta.

It is the honesty at one stage by Ramlinga Raju, who has confessed on January 7, 2009 that the company's account books and profits were inflated over many years to the tune of several crores of rupees.

 On a complaint filed by some shareholders, Police has arrested him two days later.

The CBI filed three charge sheets against Ramlinga Raju and the other accused.The CBI took up investigation in February 2009, put the loss to the shareholders at Rs.14,162 crore.

Ramalinga Raju has spent nearly 32 months in jail. He was released on bail in 2011.

Tech Mahindra has taken over Satyam Computers in a government-sponsored auction after the scam . Mahindra Satyam has been later merged with Tech Mahindra.