The Supreme Court of India on Friday
granted bail to B Ramalinga Raju, the main accused in Rs 14,000 crore Satyam scam. Brother B. Rama Raju and staffer V. Srinivas too got relief from the apex court.
An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from the facts of the case and considering the totality of the circumstances, it was appropriate to grant them bail.
The case revolves around one of corporate India's biggest frauds, with the accused facing charges of fudging company accounts and showing inflated profits. The surfacing of the scam and consequent collapse of the company left lakhs of shareholders and others in the lurch.
Raju had earlier applied for bail in the Andhra Pradesh High Court, which
dismissed the plea on August 30. The Satyam co-founder had then applied for bail in the apex court, for the second time after October last year.
Cancelling Raju's bail in October 2010, SC had stated that the accused could file another bail application only after July 31, 2011, if the trial in the case was not completed in the local court. The accused had then sought bail on the same grounds, saying the trial was not completed within the SC deadline and all the prosecution witnesses were examined.
The accused have been in Hyderabad's Chanchalguda central jail since January 2010, except for a brief period when they were granted bail.
- With inputs from IANS
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