The XIV additional chief metropolitan court today dismissed the bail plea of Satyam founder B Ramalinga Raju, his brother B Rama Raju and former chief financial officer of the company, Srinivas Vadlamani. They were arrested in January in connection with the Rs 7,800 crore financial scam at Satyam.
The court observed that the case was a multi-crore scam that four agencies —the Serious Fraud Investigation Office, the Securities and Exchange Board of India, the Enforcement Directorate and the Income Tax department — were investigating into the matter. It felt that if given bail, the accused might tamper with evidence. The bail applications filed by the Price WaterHouse auditors arrested in the case were also dismissed.
The court also allowed the application of the CBI for further investigation into the case.
The CBI said it had found new leads into the case after it filed the chargesheet on April 7.
The court also posted the lie detection plea to April 28. It was supposed to give orders on this today but the defence counsel filed an application in the morning seeking rehearing of the case saying it had objections on this.
