VoteUpIndia

The Andhra Pradesh High Court on Wednesday granted bail to prime accused Ramalinga Raju in India’s biggest corporate scam, the Rs 10,000-crore Satyam fraud case. Earlier on July 20, the Andhra High Court had granted bail to five former Satyam Computer executives, including the brother of former
chairman B Ramalinga Raju.

The country’s biggest corporate scandal came to light on January 6, 2009, when Raju admitted that he had been cooking the books of the country’s fourth largest IT services firm that he founded for years.A court on Wednesday granted bail to former chairman and founder of Satyam Computer Services(SATY.BO) Ramalinga Raju in a case of accounting fraud that turned out to be India’s biggest corporate scandal, television channels said.

The bail was granted by a court in Hyderabad on health grounds, the reports said.

Raju, a management graduate from Ohio University who founded Satyam in 1987, shocked investors in January 2009 when he said profits of the company had been overstated for years and assets were falsified. He has been in police custody since the revelation.

Raju’s lawyer was not immediately available for comment.

In April, India’s federal crime bureau said it had filed charges against nine people including Raju for alleged involvement in accounting fraud at the outsourcing firm.

The charges include criminal conspiracy, cheating and forgery and falsification of accounts, the Central Bureau of Investigation had said.

Five former Satyam officials were also granted bail in July. Those included former managing director B. Rama Raju and former finance chief Vadlamani Srinivas.

Satyam was sold to India’s Tech Mahindra Ltd (TEML.BO), majority-owned by Indian automaker Mahindra & Mahindra (MAHM.BO) and partly owned by British telecoms operator BT Plc (BT.L), in an auction in April last year. It was subsequently renamed Mahindra Satyam.
[Story Source] [Contest win Rs 1000-100,000 now]

This post was submitted by rishi maurya.

Thanks to www.hindustantimes.com