The disgraced former chairman of Satyam Computers B Ramalinga Raju will have to remain in jail as a Special CBI court has rejected his bail petition, along with seven others accused in the scam.
The CBI counsel K Surender had opposed the bail pleas of the Satyam accused claiming there was no change in circumstances and hence bail was not necessary.
Along with Raju, his younger brother and former Managing Director of the company B Rama Raju, ex-Satyam CFO Vadlamani Srinivas, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam and former PWC auditor Subramani Gopalakrishnan had sought bail on the grounds that the trial in Satyam scam was not completed before the stipulated time of July 31 and all the prosecution witnesses were examined.
Earlier, cancelling Raju's bail in October last year, the Supreme Court directed that the accused can file bail application only after July 31, 2011 if the trial in the case is not completed in the local court by then.
Raju and his associates have been in jail since November 2010. In January 2009, Raju had stunned the corporate world when he confessed to fudging his company’s accounts. The fraud is estimated to be about Rs. 14,000 crore and is being investigated by multiple agencies including CBI.
Senior advocate E Umamaheshwar Rao and three other counsels, who appeared for Raju, had contended that there were indeed changed circumstances and said their clients, were exercising the right for bail. Seeking Raju's release on bail, the counsel wanted the court to consider good behaviour of his client and the cooperation he extended.
The CBI counsel submitted that the petitioners may influence the witnesses and tamper with evidence if released on bail.
